The consumer conference board confidence number at 57.5 was worse than expected, but the market was oversold and rallied on bad news.
CNBC tried to spin the uptick in home sales but it was a seasonal uptick from Mar to Apr, same as in prior years. We see no sign of a pickup in the home sales data today.
As we expected, we got the bounce in the market today. The Nasdaq which we stated was looking strong bounced up 1.8% today, a strong move up albeit on low volume.
Further, as we mentioned in our post yesterday, we expected Energy to be weak today and the XLE was down 0.48%.
Discretionary and Financials also got a well deserved bounce with the XLF up 0.37%. We'll be looking to establish short positions in the coming days and will give a heads up.
Stocks
Merrill Lynch MER +1.48%
Home Depot $27.28 +1.91%
We were looking for a bounce and will be looking for an entry on the short side in the coming days.
CNBC tried to spin the uptick in home sales but it was a seasonal uptick from Mar to Apr, same as in prior years. We see no sign of a pickup in the home sales data today.
As we expected, we got the bounce in the market today. The Nasdaq which we stated was looking strong bounced up 1.8% today, a strong move up albeit on low volume.
Further, as we mentioned in our post yesterday, we expected Energy to be weak today and the XLE was down 0.48%.
Discretionary and Financials also got a well deserved bounce with the XLF up 0.37%. We'll be looking to establish short positions in the coming days and will give a heads up.
Stocks
Merrill Lynch MER +1.48%
Home Depot $27.28 +1.91%
We were looking for a bounce and will be looking for an entry on the short side in the coming days.
Subscribe to:
Post Comments (Atom)
0 Response to "Daily Performance Tuesday, May 27th"