The Wrap 12/16/10


Stocks started the day in the red following mixed jobs and housing data, but quickly turned positive after the Philadelphia Fed number topped expectations. From then on the major market averages didn’t look back as they closed near their best levels of the session. The Nasdaq led the advance with a gain of 0.8%, while the S&P 500 and Dow lagged with respective gains of 0.6% and 0.4%. The S&P 500 and Dow saw their best closes since September 2008.

After the close, ACN, APSG, ORCL, ZQK, RIMM, SMOD, SCS and TTWO were the most notable names that reported. Tomorrow at 10 am we see November leading indicators and the annual S&P rebalancing after the close.

Today we ended higher as the market moved higher in a stealth fashion. We took some more profits in SCHN and ADTN and had a s top on GNK. The market continues its uptrend on light volume as we get ready for the holidays.

I will be posting regularly but the posts will be a bit shorter as we enter the Holiday week. Naturally, if anything breaks we will be here to take advantage. Have a great night.

Previous Post
Upsidetrader Midday Video
Next Post
Weekend Linky Dinks: Roubini, Pimco, Streisand, Captain Beefheart and More….

Recent Articles