Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
After that morning gap down, the market has reversed back up and more importantly has held 1340 which is “they key level”. 2900 is an important level for the NASDAQ on the weekly charts so that is about 16 points away. Also very key is some breakouts among individual stocks and we are finally seeing the past 2 sessions some names moving on their own merit rather than on a macro trade on the whole market. This is the most bullish factor in any market, especially the type we’ve been trading the past 4+ years where headlines move everything en masse. Also today the old school momo names are joining (they were lagging Friday) – the Apples, Pricelines, et al.
In light of the news (slowing global economy, horrid yield action in Europe) this action seems strange but it is what it is….?
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