It’s a strong rebound from yesterday’s close, but that should not be a surprise.
According to Bespoke Research, the market has had 14 sharp declines in the last half hour of trading over the last ten years and the following session saw strong rebounds. The last time it didn't happen was august 2011.
Rally Day After Late Sell-Off | |
First 15 Minutes | 100% |
Entire Session | 93% |
Average gain | 1.48% |
The question is how will the market close?
The first pullback came after news the Senate passed a bill that will require China companies listed on American exchanges to follow the same rules as American companies. Novel idea.
Energy continues to rally as oil edges closer to a big test of resistance. Communication Service stocks are rocking as Facebook (FB) gets ready to try to get folks to shop on its site and Twitter (TWTR) is a name floating around the rumor mill.
Meanwhile, retail names like Target (TGT) and Lowes (LOW), which were up earlier, have now reversed course.
Nasdaq is the best performing sector up 1.7%. The Dow is up 1.4%. All the S&P 500 sectors are in the green.
S&P 500 Index | +1.67% |
Communication Services XLC | +2.77% |
Consumer Discretionary XLY | +0.97% |
Consumer Staples XLP | +1.21% |
Energy XLE | +3.38% |
Financials XLF | +2.52% |
Health Care XLV | +0.45% |
Industrials XLI | +2.24% |
Materials XLB | +2.13% |
Real Estate XLRE | +0.75% |
Technology XLK | +1.99% |
Utilities XLU | +1.06% |
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