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business newsMinyanville's T3 Daily Recap: Banks Take Their Turn in Sector Rotation
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T3Live.com Apr 06, 2011 4:55 pm
Financial stock perked up today, even in a weak tape.
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After a strong up open put the market at the upper end of a tight multi-day range, high-flying stocks faltered and the market drifted down to the bottom end of the range. But it seems the market can't make up its mind over the next move. In the afternoon, previously leading stocks repaired somewhat and by the close the market was back near where it opened. Although the action has been indecisive this week, it’s hard to believe the resolution here will not eventually be to the upside.
In today's age of highly automated markets, sometimes the action leaves you scratching your head a little bit. We have been calling the banks the last piece of the puzzle for the market to get back to highs, but today the sector's leading stocks perked up even in a weak tape. To be fair, the afternoon market bounce helped their cause and provided a little bit more juice. Leader JP Morgan Chase & Co. (JPM) broke above its pivot highs, and Goldman Sachs Group Inc. (GS) is breaking out of its 2011 downtrend. Also, Research in Motion Limited (RIMM), one of the weakest and most broken-looking stocks in the market, was among the strongest today. Figure that...
For more market and stock commentary watch the T3Live.com Daily Recap with Scott Redler (below).
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.
Lasting through April 15, 100% of the donations made to The Ruby Peck Foundation for Children's Education will be channeled to the children of Japan as they attempt to find their footing following this natural disaster; and to kick off this drive, we'll pledge $5000 to get it started. Please do what you can, as it will add up, and thanks., as it will add up, and thanks.
After a strong up open put the market at the upper end of a tight multi-day range, high-flying stocks faltered and the market drifted down to the bottom end of the range. But it seems the market can't make up its mind over the next move. In the afternoon, previously leading stocks repaired somewhat and by the close the market was back near where it opened. Although the action has been indecisive this week, it’s hard to believe the resolution here will not eventually be to the upside.
In today's age of highly automated markets, sometimes the action leaves you scratching your head a little bit. We have been calling the banks the last piece of the puzzle for the market to get back to highs, but today the sector's leading stocks perked up even in a weak tape. To be fair, the afternoon market bounce helped their cause and provided a little bit more juice. Leader JP Morgan Chase & Co. (JPM) broke above its pivot highs, and Goldman Sachs Group Inc. (GS) is breaking out of its 2011 downtrend. Also, Research in Motion Limited (RIMM), one of the weakest and most broken-looking stocks in the market, was among the strongest today. Figure that...
For more market and stock commentary watch the T3Live.com Daily Recap with Scott Redler (below).
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.
Lasting through April 15, 100% of the donations made to The Ruby Peck Foundation for Children's Education will be channeled to the children of Japan as they attempt to find their footing following this natural disaster; and to kick off this drive, we'll pledge $5000 to get it started. Please do what you can, as it will add up, and thanks., as it will add up, and thanks.
Scott Redler is long JPM, JDSU, GLD, WFC, AAPL, V, LMT, MGM, ROYL, LEI, LVS, JCP, FCX, NG, ABX, AXP, XOM, AUY, MSFT, RBY, F. Short SPY, VHC.
