Daily Market Wrap
The S&P 500 traded 0.32% lower for the day. The market remains resilient in the wake of the sharp move higher to start the New Year. There was a positive divergence today in the market. The Dow closed beneath near term support but the move lower was not confirmed by the other major averages; positive divergence.
Commodities were mostly higher, with precious metals, copper, crude and all grains trading ahead of the tape. Gold traded higher by 0.72% and silver was up slightly less. Treasuries rallied across the board and ended the day near their highs.
Technology traded in line with the market. Investors aggressively bought tech shares in the risk on environment last week. The pullback in tech shares this week has been orderly and controlled ahead of earnings season.
Homebuilders/building products lagged for much of the day’s trading. Buyers came into the area and the space saw a late day reversal.
Materials ended the day slightly higher and could see a boost tomorrow from the favorable response to Alcoa’s earnings report after the close of trading. Alcoa’s CEO said business from China was strengthening on the conference call after the company’s earnings release.
Healthcare ended the session flat. Biotech was a particular area of strength. Several biotech names gave presentations at a major investor conference. These presentations led to a spike in buying interest in the space.
Source: PFS Group
About PFS Group
PFS Group Archive
|12/09/2013||Daily Market Recap||story|
|12/06/2013||Daily Market Recap||story|
|11/26/2013||Daily Market Recap||story|
|11/19/2013||Daily Market Recap||story|
|11/18/2013||Daily Market Recap||story|
|11/14/2013||Daily Market Recap||story|
|11/13/2013||Daily Market Recap||story|
|11/11/2013||Daily Market Recap||story|
|11/08/2013||Daily Market Recap||story|
|11/07/2013||Daily Market Recap||story|