The Week That Was Saw The S&P 500 With Little Change And Financial Stocks Rally
The S&P was basically unchanged for the week. It closed on Friday at 2801.83 after a close Friday, July 13 at 2801.31.The S&P 500 was lower on Monday then rally Tuesday and Wednesday before dropping Thursday and Friday. The Russell 2000 gained 0.58% while the NASDAQ 100 fell by -0.35%.
Financial led all sectors with a gain of 1.5%. Conglomerates rose 0.70%. In third place for the week was Industrials with return of 0.3%. The loser for the week was Basic Materials which dropped -1.0%.
Notable winners with market caps greater than $1 billion included Coherus Biosciences (CHRS) up 22.37%, Chart Industries (GTLS) up 16.91%, Mercardo Libre (MELI) up 13.97% and MGIC Investment Corp (MTG) up 15.44%.
Notable losers with market caps greater than $1 billion included Tesaro (TSRO) fell -12.61%, Alcoa (AA) fell -14.68%, Sketchers (SKX) fell -16.8%, Applied Optoelectronics (AAOI) fell -12.56% and Sinclair Broadcasting (SBGI) -18.61%.
July has been the second strongest month of the year behind January. There are seven trading days left in the month. 2800 is going to either become resistance or support. Wait until the trend becomes obvious then commit capital to either the long or short side.