Stocks rebounded Friday from their first significant losses in a few weeks with the S&P 500 up 0.31% and the NASDAQ 0.30%. Economic news was sparse but there was some weakness early in the day as Bank of England Governor Mark Carney said a rate increase “could happen sooner than the markets currently expect.” But unlike yesterday – and like most of the past 3 weeks – dip buyers came in hot and heavy in the morning selling.
Nothing significant at this point with the indexes – the NASDAQ pulled back to its 10 day moving average and the S&P 500 is slightly below. Of course if there is some major geopolitical event in the Middle East charts won’t matter much but for now this was an excuse to get an overheated market some rest.
OpenTable (OPEN) was the huge winner of the day was Priceline (PCLN) agreed to purchase it for a huge premium of 46%.
This helped Yelp (YELP) which we have been highlighting the past few weeks.
Intel (INTC) climbed after the semiconductor maker raised its full year revenue outlook, citing stronger than expected demand for personal computers used by businesses.
A quick look at gold today which has been in a very bad space for quite a while. If you share the bearish outlook this is about the area you’d want to short, and maintain as long as it remains below that blue downtrend line.
Have a great summer weekend and we’ll see you back here Monday.