Stocks traded down to support levels before bouncing higher in the final hour of trading to close virtually flat today. Cyclical issues led the market as material and tech stocks worked higher. Coal stocks were the leader in the material space. Peabody Energy reported better than expected earnings and reported shipments were higher than expected. Apple was the leader in the tech sector as the giant traded 4.0% higher. Apple will give details on their iPad Mini tomorrow and report quarterly earnings after the close Thursday.
The market sold off earlier in the day on a lack of buyers coming in as opposed to heavy selling. Caterpillar gave downside guidance earlier in the trading day. The stock did trade higher in response to the muted guidance.
Homebuilders traded off today after their outperformance from last week. There were no major homebuilders reporting today and little on the earnings from any of the building materials stocks. The lack of news in the sector led to some profit taking.
The energy sector traded lower today as crude was down 1.5%. Drillers, service companies and integrated oil all traded lower on the day. Coal was the big star today. Peabody traded better than 11% higher on the day.
Large banks like Bank of America, Wells Fargo, and Citigroup traded higher. The large brokerage banks, Goldman Sachs and Morgan Stanley, traded slightly lower today.
Source: PFS Group
