Stock Market Bulls Pull Back on Early Losses
Stock-Markets / Stock Markets 2013 Nov 06, 2013 - 04:06 PM GMTMonday’s nascent gain was challenged by early morning losses. However, bulls were able to regain the majority of such losses by the close of trade.
The Nasdaq and Nasdaq 100 had the best of the day’s action, going as far to post a modest gain. The Nasdaq 100 has a relative lead over the Russell 2000, and is attempting to regain relative strength against the S&P. If there is an index to gain tomorrow, one of these is it.
The S&P made another pass at channel resistance turned support. The index is doing a good job at holding this tricky breakout. A stop can go on a loss of 1,755.
The Russell 2000 wasn’t able to build on Monday’s gain, but it’s still holding the 20-day MA. Technicals are suffering bearish creep, which is not the most attractive situation for those looking at going long, but may offer enough for those already long to hold a little longer.
Buyers should stick to the Nasdaq and Nasdaq 100, others can take profits or sit-and-wait.
- Phil
Philip R. Davis is a founder of Phil's Stock World (www.philstockworld.com), a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders. Mr. Davis is a serial entrepreneur, having founded software company Accu-Title, a real estate title insurance software solution, and is also the President of the Delphi Consulting Corp., an M&A consulting firm that helps large and small companies obtain funding and close deals. He was also the founder of Accu-Search, a property data corporation that was sold to DataTrace in 2004 and Personality Plus, a precursor to eHarmony.com. Phil was a former editor of a UMass/Amherst humor magazine and it shows in his writing -- which is filled with colorful commentary along with very specific ideas on stock option purchases (Phil rarely holds actual stocks). Visit: Phil's Stock World (www.philstockworld.com)
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