After Tuesday’s failed rally we’ve now had a powerful but totally unsurprising 2 day rally. Hopefully you did not panic Monday or Tuesday as we said in the next week we’d see a significant bounce and often the biggest moves up happen during corrections. Now comes the less predictable part. The S&P 500 gained 2.43% and NASDAQ 2.45% as both roared out of the gate in big gap ups, sold off in the 2 PM hour but roared back in the last hour. In economic news, the second estimate of second-quarter GDP came in at 3.7%, topping the first read of an annualized 2.3%. July pending home sales rose 0.5%, holding steady from an upwardly revised June reading of a 0.5% increase.Continue reading
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