Mid Day Trading Update – Financials Lead The Rally
For the beginning portion of the morning session, it looked as if the market wanted to retrace the premarket gap. We saw many of the tech/high flyer names sell off considerably from their highs and we also saw Apple dump through that $400 level.
During that brief span of weak price action, Bank of America (NYSE: BAC) & Citigroup (NYSE: C) managed to hold up considerably well. Once enough folks got faked into the sell-off, the markets reversed and the banks are now continuing the bullish activity into the afternoon hours.
Overall though, the indexes are in chop mode and the mixed sentiment we’re seeing across our sectors is enough to call this day a wash for most intraday traders. Opportunities in the large-cap stocks we usually play here at Sanglucci.com are few and far between and a trader must cut down holding periods to adjust for the choppiness of the indexes.
During days like today, my only goal is to not lose money. Make sure to register for yet another FREE webinar tomorrow after the close. We will be discussing the practice of writing options!
Stay tuned for more updates!
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