A solid start to the year as traders rejoice push stocks higher. After Friday’s dismal performance we were looking for further consolidation and avoid further selling. From the start, it appeared as if buyers were in control. We saw buyers begin to rush back into the market after construction spending was much better than expected. Unfortunately, just after 10:30 crude began to reverse taking stocks down with the commodity. Not moments after the Nasdaq regained all of Friday’s losses sellers just had to sour the mood. The positive on the day was certainly the lift off the bottom into the close. This market still needs to consolidate a bit more if we are going to see a sustainable push higher. A solid start to the week, month, quarter, and year.

Friday’s session was not something we wanted to see out of this market. Selling did some damage and we will need to continue to stay above Friday’s low and avoid and further distribution. If crude oil prices continue their slid it would certainly give this market a test with energy likely following along. We need to continue to see positive action and long signals continue to pour in.

Our chat room had a few intraday trades. IDXG was one moving 5 to more than 12 dollars a share. Huge gains for those who could get on board. We continue to see some decent gains intraday and it is a great way to add gains to your portfolio. 

Best of luck this trading week!