Market Wrap-Up for June 10 (COP, CVX, BHP, CF, GS, CNX, MA more)


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The market spiked today on some potentially bullish news out of China. (That and with the World Cup set to start, some market-watchers believe any near-term selling could be contained as excitement builds for the world event).

Does this logic make sense? Not really, but the event does take people's minds off of the global economic concerns for a bit. For investors, the long-term picture is still a bit of concern for us as we continue to see a plethora of names we follow showing some technical issues (making lower highs). Many of the momentum plays that active traders like to buy have charts that appear to be broken. With that being the situation, we maintain our cautious stance. We have had triple-digit moves in 8 of the last 10 trading sessions on the Dow. These factors highlight a highly irrational market environment, and one that we are carefully maneuvering through. One last note on this big up day, volume was not great with just 5.14 Billion shares on the NYSE, nearly a billion shares less than yesterday's tally. These are things we are making sure we pay attention to.

Looking at today's market, we see a bounce in energy plays once again. This happened yesterday, but most of the names had lost the bulk of their gains by yesterday's close. Some of the winners today included Chevron ( CVX ) and ConocoPhillips ( COP ) . Commodity-related shares also ran higher, with BHP Billiton ( BHP ) , CF Industries ( CF ) , and Consol Energy ( CNX ) finishing nicely in the green. Positive analyst upgrades also pushing up shares of Baker Hughes ( BHI ) and Lubrizol ( LZ ) . Goldman Sachs ( GS ) did not participate in the rally, and finished right near a 52-week low. Mastercard ( MA ) and Visa ( V ) did most of the heavy lifting for the financials.

As we mentioned yesterday, use the up days like we are having to gi through one's portfolio and look at what you own and if those stocks make sense going forward.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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