Todays action was encouraging. Banks reversed off of their lows and were up in after-hours trading (Thursday evening). Tomorrow will be interesting. Stocks started out in an ugly fashion but turned around. The Nasdaq gapped down and then bounced back, surging to a 2.1% gain. The NYSE composite and S&P 500 both climbed 1.6%, the Dow industrials 1.3%. The small-cap S&P 600 advanced 1.4%.
A few stocks that managed to hit new 52 week highs today included Cubic Corp. (CUB), HMS Holdings (HMSY), America Service Group (ASGR), SXC Health Solutions (SXCI), Orchids Paper Products (TIS).
We'll need to see more leadership emerge if the market manages to move higher from here. We may see some bargain hunting first and then those stocks that have held up the best begin to move higher.
Arthur Daret