Stock Market Summary Wednesday May 30th 2012

Posted by Stephen Sutherland on Wed, May 30, 2012 @ 10:12 AM
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Yesterday's market action was positive.

The Nasdaq Composite gained 1.2% on below average volume.

Rather than assuming institutional investors were reluctant to buy, my take is that trade was below average due to the markets being closed on Monday.

The chip sector outperformed, helping the SMH (semiconductor ETF) to break back above its 200 day moving average.

Many of the leading stocks in the global materials sector 'followed through' which is probably a confirmation that this sector is back on the up.

India, Russia and global materials outperformed.

Leading stocks behavior was positive.

Unfortunately yesterday's gains in the broad indexes were not big enough to constitute a follow-through rally confirmation; however the collective behavior of the market, sectors and stocks was a step in the right direction.


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Topics: Stock Market Summary