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-Other OTC Watchlist- Wisdom Homes of America Announces Q3 2014 SalesGlobeNewswire(Thu 8:58AM EDT)
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Float: | 12.29M |
For those of you keeping score, Thursday's action was the seventh bullish day in the past ten trading sessions. As of today's close the S&P 500 has gained 9.6% since the capitulatory low hit on Wednesday from two weeks ago. We figured there would be a bounce from there, but this advance has now exceeded all of our near-term expectations.
This isn't necessarily a good thing. While we love momentum as much as the next guy, as we've mentioned before, there's always a question of sustainability. It's possible for stocks to keep climbing after gaining nearly 10% in just two weeks. I looked back for several years though, and it doesn't happen very often... at least not without a dip first, to cool the trend off to a more palatable pace.
OK, for what it's worth, let's look at our chart of the S&P 500. We forged ahead to higher highs and a higher close on Thursday. I think at this point the bulls are going to go ahead and try to see what happens when we get to new record highs above 2019, which was the peak hit back on September 19th. That said, 2010 is actually the more meaningful line in the sand. We'll be watching both. A move to the 2010 mark would be more than a 10% bounce off the lows, which may be just about all the gain traders can deal with before getting a profit-taking urge.
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Axxess Pharma to Showcase Full TapouT Product Line and Celebrity Sponsors to 50,000 US Military Personnel at Fort Hood, Texas in Early November at Marketwired Wed 8:00am |
AXXE | 03:58pm EST | 0.1890 | +0.0040 | +2.16% | 0.175 | 0.20 | 678,943 | 0 | 9.293M | Chart, News, Stats, Options, Board | ||
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1:00 PM | Galenfeha Completes Successful Testing Of Solar Power Station - PR Newswire | |
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8:40 AM | Galenfeha, Inc. Announces Clearance for DTCC Eligibility - PR Newswire | |
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AAPLCramer's Lightning Round - Apple Is Very Inexpensive (10/21/14) by SA Editor Miriam Metzinger