About Shark Watch
Monday, August 11 - 4:35 PM
Although things were looking shaky in the final hour, some last minute buying helped ensure a positive end to the day, with each of the major S&P sectors closing in the green. Consumer discretionary names in general, and retailers in particular, were the clear winners on the day, while each of the indices closed with gains of 0.71%. Certainly, even though the market finished well off the highs of the day as oil pared its early losses, the fact that the bulls were able to recover from a soft open, build on last Friday’s strong gains and make further technical progress is encouraging.
As we discussed this morning, while this market continues to face plenty of issues in regards to credit, housing and labor, the pullback in crude and bounce in the greenback is obviously starting to get folks nervous about missing out on some further action to the upside. That can prompt investors to start chasing strength, and given the fact that there is probably plenty of cash on the sidelines, it’s likely that the bulls will be given some room here in the near-term.
Have a great evening and we will see you tomorrow.