The opening yesterday in Stocks must have had closet bears thinking that a challenge of the 2100 level in the S&P 500 was in the making. But, the market firmed and rebounded and the Bear went back into his hole. Now I do not know if this means six more weeks of a bull market, but it just goes to show you that the bears do not have the conviction.
The Materials ($XLB +13%) and Utilities ($XLU +22%) sectors attracted some buying interest, closing the day slightly higher. Techs ($QQQ), specifically Cyber Security ($HACK) and Networking ($IGN), surged over 1%, catalyzed by the recent IRS breach.
$IGN finished at a new high. One of the largest holdings in the Networking ETF is Palo Alto Networks Inc. ($PANW), which has been on our Tradespoon Scoop Bullish list for over 6 months, has our highest bullish rating of 10/10 for both the short and long-term trend.
$HACK, which closed at a 52-week high, not only has Palo Alto Networks Inc. ($PANW), but also Juniper Networks ($JNPR). It also has a Bullish Tradespoon rating of 9/8 for short and long-term trend.
This is a great example of when you see a major index or sector ETF on the move and take the major stocks that make up the index/ETF, plug them in the stock focus list to get the Tradespoon rating. You then look at the Seasonal charts along with the Stock Forecast Toolbox.
Make sure to register for an upcoming webinar for next week. Have a great trading day and a nice weekend!
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