Monday Market Wrap

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Portfolio Update

FB -0,79%,  QIHU +3.8%,  MDVN -3.3%,  GMCR +1.6%,  BIIB +2.2%,  AVNR +1.5%,  ACAD +1.8%,  SPLK n/c,  NBIX +2.1,  AMBA +2.1,  OVTI +0.76,  BTU -2.0,  RGLS -5.3,  UA +2.0%, TGTX +11.3,  ZLTQ +0.6,  CAT +0.4,  CUDA +3.53,  ACHN + 27.0%

Upside’s Commentary

The stock market began the new trading week on a mild note with the key indices registering modest gains. The S&P 500 added 0.3% while Russell 2000 (+0.5%) outperformed.

Equity indices began the trading near their flat lines after the overnight session did little to change investor sentiment. China’s Shanghai Composite stood out, soaring 2.3%, after it was confirmed that the Shanghai-Hong Kong exchange link will begin operating on November 17.

 Biotechnology ETF  (IBB) gained 1.7% while the health care sector (+1.0%) settled in the lead despite starting among the laggards.

The Technicals

Short term support is 2019 and SPX 2000, with resistance at SPX 2049 and 2070. Short term momentum ended the day overbought.

See you in the trading room in the morning.

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