Looking For a Follow Through Now

The Dow and the S&P both wiped out Monday’s losses today as the Dow climbed 189.68 points, or 1.1%.  In Europe, the Stoxx Europe 600 ended the session 1.1% higher, snapping a five-session losing streak.

Traders are looking ahead to Wednesday’s statement from the Federal Reserve after its two-day meeting began Tuesday, seeking clues on the timing of an interest-rate increase.

I dont usually trsut the first day of a reversal so I didnt do much today, but things certainly firmed up. Biotech (IBB) had a strong day led by REGN, JAZZ and AMGN.  GILD reported a nice # after the close and is higher in the aftermarket.

On the downside, YELP and TWTR are both a mess after a bad earnings report.

The energy sector surged 2.9% after sliding 4.3% over the past five days.

I’ve been watching my favorite group closely, biotech, and some stocks have pulled back to attractive buy points, so I may put some longs on shortly, maybe as soon as tomorrow.

See you in the morning.

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