Clawing Higher On No Volume

Stocks notched a second straight session of gains Monday, but volume once again faded. The Nasdaq gained on 0.2%, while the S&P 500 and the Dow Jones industrial average added 0.3% each. The small-cap Russell 2000 gained 0.5%. Volume, though, fell 8% on the NYSE and 12% on the Nasdaq.

Seven of ten sectors finished in the green with financials (+1.0%).   Still, the health care space ended ahead of the broader market despite an intraday pullback in biotechnology. The biotech ETF was up more than 2.0% at the start, butcut its advance to 0.4% by the close. Furthermore, the ETF was pressured back below its 50-day moving average (349.00) after spiking above that level at the start.


I added WPRT as along today. The chart action is good and volume is showing up.  I’m looking for $6 as a first target.


As treasury yields rally, financials are getting a bid.  Although XLF caught a 1% bounce today, its still mid channel.


Choppy for now.  See you guys in the morning.

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