Stocks rebounded off of their lows today led by financial and energy related stocks. S V B Financial Group, P N C Financial Svcs Grp, Northern Trust Corp, and other big banks performed well. Other strong groups were Chemicals and Fertilizers, Office Equipment, Medical and HMO's, Retail and Wholesale Jewelry, and Apparel Shoes. Mid-cap and Small-cap ETF's, did well as did Basic Material ETF's.
Some of the better performing growth stocks today include Icici Bank (IBN), VNUS Medical (VNUS), and Gafisa (GFA) and Chipotle Mexican Grill (CMG) (Chipotle sold off on earnings yesterday).
Omega Healthcare (OHI), Citigroup (C), Wells Fargo (WFC), and American Express (AXP) also did well today. The Pro-Shares Ultra-Technology ETF was -3.03%.
This was a constructive week. Despite all of the bad news out there regarding housing oil prices, consumer sentiment, and poor decision making by the American idol audience, the major indexes performed about as well as could be expected.
Have a nice weekend!
Arthur Daret