Scalper1 News
Major averages finished higher yesterday on lower volume as the bounce in stocks and oil continues. After such a strong performance Tuesday, yesterday’s calm consolidation was a sign of strength. The market may continue to bide its time ahead of tomorrow’s monthly Bureau of Labor Statistics jobs numbers. That said, defensive and junk-off-the-bottom type stocks continue to lead in terms of price performance, though some sector rotation away from defensive names has been observed. Nevertheless, the lack of quality leadership remains which could end this bounce sooner than later. Keep in mind, however, that bounces can persist longer than expected especially given the easy money environment observed around the world. Further, the anticipation of negative interest rates in the US could also help push equities higher as markets are forward looking by as many as 6-9 months, as negative rates could force capital into hard assets and equities. Solar power company SEDG had a pocket pivot. Earnings and sales are soaring, group rank 42. It is the solar leader in the residential market globally. Scalper1 News
Scalper1 News