The Dow rose 46 points, (0.4%), to 10,572.73. The S&P 500 rose 4 points, (0.4%), to 1,125.07, while the Nasdaq rose 11.5 points, (0.5%), to 2,301.32. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 22.
Among the main S&P 500 sectors, health care, consumer staples and technology gained, while utilities, energy, and materials fell. Healthcare stocks were led higher by pharmaceutical distributors McKesson (MCK), Amerisource Bergen (ABC) and Cardinal Health (CAH). There were analyst reports released today that showed these distributors are experiencing better financial health themselves.
The energy stocks fell in spite of the report that showed crude inventories actually declined more than expected. Some of the focus centered around the Enbridge (ENB) announcement that they fixed a leaking pipeline.
The stock I'm looking at today is: PolyOne (POL). POL provided specialized polymer materials, services and solutions. It rose .16 yesterday on volume that was 40% heavier than its average daily volume. For whatever reason, it seems some big money has decided to park some cash here at this level. It closed yesterday and today at $10.88. If this can close at $11 or more on stronger than average volume, it can run to $13.50, and then I'd take some profit off the table.
As always, stay cautious and happy trading!
Obligatory disclaimer: This blog is for information only. Past results do not guarantee future performance. All financial decisions involve risk and there are no guarantees. The suggestions above are for informational purposes only and the blogger is not liable for any losses incurred as a result of actual investment activity on the part of the reader.
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