Minyanville's T3 Daily Recap: Resilient Market Shrugs Off Oil Spike, Yesterday's Decline

By T3Live.com Mar 01, 2012 5:20 pm

March started on a positive note, allaying fears that yesterday's reversal would lead to something more.

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Stocks held higher all day Thursday, starting March on a positive note and allaying fears that yesterday's reversal would lead to something more. The market took a quick, but brief, dip after the 10 am ISM survey, which came in light of expectations. Weakness was short-lived, however, and stock continued their climb until early afternoon. Indices closed strong in the last 20 minutes after pulling off highs.

Yesterday we mentioned that the market was in a tricky spot. Selling was more aggressive yesterday than we had seen in 2012 and we staged a reversal that put up some red flags, but at the same time the S&P (SPY) still closed above the 10-day moving average on the S&P. Indeed the trend once again held, showing the resilience that has characterized this market in 2012.

Oil futures spiked above $110 a barrel today after reports of a blast destroying pipelines in Saudi Arabia. Oil prices had declined over the last three sessions. It remains to be seen what the longer-term impact of this event will be, but the market shrugged it off today.

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