Technical Assessment: Bullish in the Intermediate-Term
Wednesday looked like a repeat of Tuesday, as another jump in crude oil (WTI) and Treasury yields knocked the stock market lower until noon. Still, buying primarily in Information Technology stocks, namely the beaten-up semiconductors, actually led to a 1.2% gain in the XLK (IT), a 2% comeback for the SMH (semis), and minor gains in the Nasdaq and Nasdaq 100. Energy (XLE) stocks led with a 1.8% gain on the back of WTI's pop of more than 6%, finishing near $75/barrel. WTI was as low as $67 on July 2. Yet after Energy and IT, the other nine sectors all
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Technical Assessment: Bullish in the Intermediate-Term