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business newsMinyanville's T3 Daily Recap: Market Reverses, but Dow Again Fails to Close Above 13,000
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T3Live.com Feb 27, 2012 4:40 pm
Improved consumer sentiment and better pending home sales proved to be catalysts for the negative to positive reversal.
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The Dow poked its head back through 13,000 Monday but again failed to close above that key psychological level. Considering the lower open, though, bulls have little reason to complain about today's action. The S&P 500 finished 2 points higher after opening almost seven handles lower, while the Dow fell marginally at 0.01%.
Improved consumer sentiment and better pending home sales proved to be catalysts for the negative to positive reversal. Stocks opened lower based on news out of the G-20 summit that world leaders were opposed to contributing more money to a European bailout fund through the IMF. The news didn't weigh stocks down for long, though, and the market looks poised once again to break out above highs. However, the lack of follow-through momentum and the push through failures could start to raise some red flags in this market.
Priceline (PCLN) is up over 5% after-hours after beating Wall Street EPS expectations. The stock has been on a tear in 2012, and is tacking onto those gains tonight.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
The Dow poked its head back through 13,000 Monday but again failed to close above that key psychological level. Considering the lower open, though, bulls have little reason to complain about today's action. The S&P 500 finished 2 points higher after opening almost seven handles lower, while the Dow fell marginally at 0.01%.
Improved consumer sentiment and better pending home sales proved to be catalysts for the negative to positive reversal. Stocks opened lower based on news out of the G-20 summit that world leaders were opposed to contributing more money to a European bailout fund through the IMF. The news didn't weigh stocks down for long, though, and the market looks poised once again to break out above highs. However, the lack of follow-through momentum and the push through failures could start to raise some red flags in this market.
Priceline (PCLN) is up over 5% after-hours after beating Wall Street EPS expectations. The stock has been on a tear in 2012, and is tacking onto those gains tonight.
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Scott Redler is long SPY, OIH, MMM, JPM, IBM, INTC, LVS, BA. Short DIA, QQQ. Long AMZN puts, SMP puts.
