News of new and perceived “better” Greek deal sent the equity markets bouncing from the cellar Thursday afternoon. Today it will be the U.S. economic data that will likely have to carry the momentum. Buoyed by a better than expected GDP number, as well as durable goods data, the markets seem poised to extend yesterdays 11th hour rally.
The very area of resistance to watch moving forward is this weeks high (around 1,297 for SPX). As for support, it is critical for SPX to establish a firm base here above 1,280. We’d like to point out something we noticed in the Russell 2000. Although the index pulled back earlier this week along with the overall markets, it refused to come with in real striking distance of its lows set last week. This is a stark contrast to the Dow and S&P, both of them came very close to flirting with their lows from last week. We’ve talked before how the Russell has been somewhat of a “leading” index for the last couple of years so this could be a bullish sign.
We’ll be actively trading BCLI today as we expect the stock to remain very liquid after yesterdays record volume day. KIWB is another stock to keep an eye on for a potential breakout. Other stocks we’ll be watching are SDTH, SOLR, AAPL, LULU, SINA, SNOFF, ZAGG, & MOBI.
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