Online Stock Trading | Stocks reverse late day to rally into the green

Stocks reverse late day to rally into the green


Filed Under Market Commentary |

Stocks suffered from a hangover after July 4th Independence Day celebration.  Volume is very tough to gauge pre and post vacation days.  Today, volume was significantly lower than its 50dma with solid price gains.  Traders were helped by a postive ISM non-manufacturing number.  The index expanded faster than expected in the month helping traders feel good about the US economy.  An all-around positive day for stocks.

Large cap leaders GOOG and AAPL enjoyed hefty gains.  AAPL broke out gaining 4.39% on the day as it made another all-time high.  Despite the negativity surrounding the stock and the iPhone launch its been able to push higher.  GOOG was another leading stock moving into new all-time high area.  Although volume did not come with the move today it is quite significant GOOG is at all time highs.

Tomorrow’s non-farm payroll figure will be released at 8:30 pm EST and should show positive gains in jobs.  Unless there is a significant movement in this number I do not see much reaction coming from the market.  I’ll flip the coin…going for the “OVER”

Looking forward to the weekend, Friday I expect will share the same level of volume with today.  It won’t be until next week we’ll begin to start deriving analysis on this market.

RNIN - still looking good, BOP increased today as the stock settled down.

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Comments

One Response to “Stocks reverse late day to rally into the green”

  1. Timothy Sykes on July 6th, 2007 11:12 pm

    I’m a big fan of your website—your writing helps educate so many people about financial speculation

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