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business newsMinyanville's T3 Daily Recap: Market Makes Multi-Year Highs
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T3Live.com Apr 26, 2011 4:55 pm
Traders will likely stay quiet tomorrow morning, awaiting the Fed's rate decision at 12:30 pm.
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The S&P blasted off to new multi-year highs Tuesday, triggering the head and shoulders pattern that was formed by last week's earnings-inspired bounce. The advance-decline line today showed wide breadth to today's breakout, a healthy sign for the bull market. Markets will likely be quiet in the morning tomorrow as investors wait for the FOMC rate decision at 12:30pm ET, which will be followed by the more detailed press conference at 2:15pm.
Momentum stocks did not lead the charge today, with some actually pulling off hard following recent strength. The Chinese Internet stocks were weak with Sohu.com, Inc. (SOHU) and SINA Corporation (SINA) shedding 3.0% and 2.8% respectively. We have seen the iShares Dow Jones Select Dividend ETF (DVY) outperform the market since mid-February, a sign investors are looking to take some risk off and move into slower moving, more value-oriented stocks.
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.
The S&P blasted off to new multi-year highs Tuesday, triggering the head and shoulders pattern that was formed by last week's earnings-inspired bounce. The advance-decline line today showed wide breadth to today's breakout, a healthy sign for the bull market. Markets will likely be quiet in the morning tomorrow as investors wait for the FOMC rate decision at 12:30pm ET, which will be followed by the more detailed press conference at 2:15pm.
Momentum stocks did not lead the charge today, with some actually pulling off hard following recent strength. The Chinese Internet stocks were weak with Sohu.com, Inc. (SOHU) and SINA Corporation (SINA) shedding 3.0% and 2.8% respectively. We have seen the iShares Dow Jones Select Dividend ETF (DVY) outperform the market since mid-February, a sign investors are looking to take some risk off and move into slower moving, more value-oriented stocks.
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.
Scott Redler is long SPY, OIH, GIGM, LVS, GLD, POT, JDSU, AAPL, WFC, F, JPM, CRM, CSCO, CIEN, MGM. Short SLV.
