After ending last week on a sour note, stocks rallied with the S&P 500 and Dow Jones Industrial Average both up well over 1%.
In spite of the looming threat of this weeks FED meeting, stocks look poised to add to today's gains as they are just moving out of oversold territory.
I brought this up on Friday, and noted that the previous four oversold breaks saw significant gains for those trading for upside. So far... so good.
Fridays Chart:
Tonight's Scans:
S&P 500 futures are also moving off a well defined 'W' bottom.
The Nasdaq is also appears to be on its way for continued price recovery.
$IWM did not rally like $SPY, $QQQ, and $DIA, but continues to trade higher and looks poised to take out previous highs over the coming days and weeks.
Biotech has been on fire. Aside from a few pull backs, investors love drugs.
Most individual names were rallying today.
Financials, Dividend, and Healthcare stocks were the leaders.
$JPM is nearing a fresh all time high, while $GS looks poised to take out that $200 figure.
$GPRO was down some 3% today. I am in some calls for a rally. From my perspective I think the chart is setting up for a move to $45+. The intra-day moves remind me of $FEYE a few months ago when it was working it way out of the high $20's.
The selling appears to be waning for $GPRO as it finds a bottom at these prices.
$TWTR I am in some calls for this week as well, the $47 strike to be specific, as I think this stock is headed back to $50 in the near term.
Analyst is out after the bell with some positive comments as well.
The stock has consolidated after its spike higher for earnings and it's getting ready for that next leg higher:
Crude oil, last week it rolled over on command. Today it dropped to fresh lows. I don't think it stops until $39 support.
The FED is coming this Wednesday. Patient? Hasty? Prudent? Insane? We'll find out later this week. Here are my thoughts:
In Case You Missed It:
Here are some of today's videos:
Have a good night. Stock futures are currently down .14%, but the night is still young.