Stocks struggled, as two-session advance lost steam after a weak reading on the services sector of the economy and a mixed reading on the labor market unsettled investors. Large traders are looking for more indications that a recovery is taking hold, after pushing stocks higher last year in anticipation of such a rebound. After the close, Cisco Systems and chipmaker Novellus reported better-than-expected quarterly sales and earnings. QQQQ implied volatilty inched lower. The technical chart looks very bullish in the short term.
Thursday, February 4, 2010
Gaining momentum
Stocks struggled, as two-session advance lost steam after a weak reading on the services sector of the economy and a mixed reading on the labor market unsettled investors. Large traders are looking for more indications that a recovery is taking hold, after pushing stocks higher last year in anticipation of such a rebound. After the close, Cisco Systems and chipmaker Novellus reported better-than-expected quarterly sales and earnings. QQQQ implied volatilty inched lower. The technical chart looks very bullish in the short term.
