Gap and Retrace


Dow: +88.55…
Nasdaq: +36.27… S&P: +9.92…

Due to weekend travel I couldn’t get out a video on Sunday, but look for it at some point tomorrow.

The market gapped higher from the open today, then slowly retraced some of the move throughout the rest of the day.

Energy shares in the S&P rose 1.5%, as U.S. crude prices climbed 3.1% to $51.35 a barrel, the highest closing value since July 2015.

Roughly 5.1 billion shares traded today, making Monday the third-lowest volume day of the year due to holidays in Japan, Hong Kong and Canada, as well as Columbus Day in the U.S., with the bond market closed.  We should have all had a three day weekend.  All 11 sectors finished with a gain.

Biotech acted better today but ILMN issued light guidance and is down about 45 points in aftermarket trading, so this will put some weight on biotech at the open tomorrow.


Otherwise the P&L names did pretty well today.  Recent addition ARDX broke out and popped 9.3%.  This one is nearing my first target around 14.90 so I’ll probably take half off at some point tomorrow.

Also NRP +2.2%, REN +0.64%, SGY +4.3% YRD +6.3% had decent moves.

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