U.S. stocks managed a nice rally on Wednesday, suggesting the current move from the lows may still be intact. We'll know more later in the week after the Friday jobs report is released by the government.
Stocks were set to open lower today after the release of the ADP private sector jobs report showed a loss of 742,000 jobs in March. Later in the morning, subsequent economic data showed some improvement in the housing market and manufacturing, and the market rallied on that news. I should indicate this data showed a SLIGHT improvement, but the market is looking for any excuse to rally, so it is best to go along for the ride!
As a result of the rally, we had some good moves in several of our stock picks in out Best Daytrading Stocks newsletter. For more info, check it out here!
In other markets, the Dollar was generally flat on the day, and traded within a narrow range, ahead of the G-20 summit in London. I don't expect much to come out of this meeting except some posturing rather than any strong policy. There was not much movement in Treasuries or commodities today either. Most of these markets are trading within consolidation patterns as we wait to see if and when the economy may recover.
Scott Cole
www.bestdaytradingstocks.com
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