It was more of a battle today but the bulls came out ahead. Newsflow was quiet today — one of the quietest days of the year — and that allowed the momentum trade to continue to tick higher. Big winners were in megacap tech and the usual retail-driven tech stocks while some biotech stocks were hit by selling.
- S&P 500 +0.1%
- Nasdaq Comp +0.7%
- Russell 2000 -0.8%
- DJIA -0.2%
As you can see there some divergence is creeping in but given the magnitude of recent moves, this was small potatoes. Tomorrow we get retail sales numbers and that could get things moving.
Here is a glance at some of the winners and losers on the Nasdaq.
This article was written by Adam Button at www.forexlive.com.