The markets closed well after a late day bounce sparked by positive news flow from KLAC and a broad move in the entire semiconductor sector. Just another confirmation of how much the market needs technology to participate.
Most sectors finished well except Retailers, Networkers, and Drugs which all faded slightly. After being negative most of the day, breadth finished positive and is quite encouraging signaling that the buying was broad based. Volume was strong which will signal an accumulation day and the S&P 500 managed to recapture the 50 day moving average by just a smidge.
We are encouraged by today's action, which definitely caught participants by surprise and had them scurrying to cover shorts and wade in to bargains. While it was a refreshing change we have much work to do as we enter earnings season and we are far from out of the woods.
We're going to step away from the desk after
a very hectic day of trading and take some time to assess the charts. Tune
in tonight for our Evening with Rev newsletter for a run down of the action
and our thoughts for tomorrow.
Have a good evening.