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.