You've just got to laugh at how hard it's been for the S&P to reach 2500. The index was less than 5 points away from the mark as the opening bell rang this morning…and it did finish higher today. However, it still couldn't make it with only a slight advance of 0.08% to 2498.4.
But really, we have no reason to complain. The S&P still finished at an all-time high on Wednesday, as did the other two major indices. The Dow increased 0.18% to 22,158.2 and the NASDAQ advanced 0.09% to 6460.2. The S&P and NASDAQ spent most of the session on the negative side before scrambling into the green right before the closing bell. This marks the second straight session of new records for all.
In the portfolios, Brian Bolan feels that the bottom is in for a lot of stocks in the oil space, so he picked up an oilfield services company for Stocks Under $10
today that should have a lot of running room higher. Options Trader
added a couple bull call spreads for an automotive equipment company that's entered into a bullish chart pattern. Learn more below... Today's Portfolio Highlights: Stocks Under $10:
With the refiners and frackers moving big lately, Brian Bolan feels that a sector rotation is in the works toward such groups with heavy short positions against them. The editor took a piece of the action by buying Flotek (FTK), an oil/gas field services company that has a huge 27% short interest position. Brian thinks that a lot of money is going to flow into this name now that the storms have passed…and it will take days for the shorts to cover. Read more about FTK in the complete commentary and be ready for another buy soon in the oil space. Options Trader:
Lear Corp. (LEA) is part of the automotive - original equipment space, which is in the top 17% of the Zacks Industry Rank. It also has a Zacks VGM Score of A. But what Kevin really likes about this stock is that it recently broke out to the upside through a bullish consolidation pattern. The editor decided to add 2 bull call spreads in LEA by buying to open 2 Dec 160 Calls AND selling to open 2 Dec 165 Calls. If these spreads can get just 5% higher from here to $165, then they will make 163% on the money invested. Read more in the full write-up. Counterstrike: "Stocks chopped back and forth around the flat line all day, hovering right below the 2500 mark in the S&P. Equities seemed to take a breather before breaking the psychological barrier. I see no reason we can't get there by Friday. "Volumes were pretty low, as traders don't want to be involved when markets flat line as they did today. Right now you are either long or fighting the trend and short. It's not a good day trading environment at all. With earnings not coming up for over month we can expect this kind of action to continue."
-- Jeremy Mullin
Have a Good Evening,
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