Indexes were quite oversold yesterday and we saw a nice reflex rally Friday to offset that as oil bounced sharply. The S&P 500 gained 1.95% and the NASDAQ 1.66%. Despite today’s jump, for the week the S&P 500 lost 0.8% and the NASDAQ dropped 0.6%. In the larger picture today’s rally means nothing technically. U.S. retail sales rose 0.2% in January, above the 0.1% expected gain.Continue reading
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