Oil Sees Some Light, But Amazon Destroyed

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Most kids from Greenwich,CT.

U.S. stocks rebounded Thursday as oil prices climbed, but a selloff in health-care stocks and a mixed bag of earnings reports kept gains in check.

The Dow Jones rose 125.18, or 0.8%, to 16069.64. The S&P added 10.41, or 0.6%, to 1893.36, while the Nasdaq  gained 38.51, or 0.9%.

FB had a very good day today after their very bullish report last night, but AMZN is getting decapitated in the aftermarket right now. Down close to 100 points or 13%.  Give and take. One good one, one bad one, that’s how this market has been.

I added AAPL for an oversold play today.  The stock has been hammered over 30% from the highs. On the daily chart below you can see that it held the August flash low and bounced, albeit a small bounce.

aapl daily

On the weekly chart below you will also see that it held its 200 day moving average.

aapl week

Its too soon to say if we’ll catch lightening in a bottle on this one, but I have a stop just underneath that 200 day moving average in case I’m wrong.

In other market news, biotech and pharma are in a  slow death fall it seems. Today IBB broke support and so did the XPH which is the pharma etdf.

Its still a weird and challenging market right now and I’m trying just to take it on a stock by stock basis.

See you in the morning.


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