News:
Yesterday markets gapped down about 1% after Target (TGT) announced it expected a short-term profit hit while it liquidated unwanted inventory.
Image by George Frey from Getty Images
That news did manage to hold the Consumer Discretionary sector back, but it was the only sector to finish in the red.
After the open stocks rose steadily throughout the day. The Russell 2000 led with a gain of 1.6%.
TGT stock fell just 2.3%, closing near the session’s high.
Energy was the top-performing sector of the day … It is by far the leading sector of 2022, up 65% so far.
On a related note, oil is trading above $120 a barrel this morning.
Low float stock AeroClean (AERC) surged more than 150% on high volume and a recent FDA clearance. The short squeeze was one the most powerful we’ve seen in months.
Speaking of short squeezes, Gamestop (GME^) surged 14% as it closed at its highest level since mid-April.
A few other notable developments…
The 10-year note was unable to close above 3% after piecing that level intraday.
Apple (AAPL) rose almost 2% as its annual Worldwide Developers Conference (WWDC) continues. The company announced plans to enter into the world of Finance with a new buy now, pay later service.
Technicals:
Markets remain rangebound as neither the bulls nor the bears have been able to gain an upper hand.
SPY Daily Candles – Chart via thinkorswim
The VIX fell back up below 25, giving a slight edge to the bulls.
Timing:
New inflation data is due out this Friday with the CPI report.
The next FOMC meeting policy announcement is scheduled for one week from today.
Watchlist:
*Low Float
^Open Position
*AERC is on watch
*NINE has resistance at $4
*LPI has support at $90
*AMR has support at $160, resistance at $180
CBIO has resistance at $1.50
GASS is on watch
^HDSN has resistance at $10, support at $9
PANL has resistance at $7
GLOP has support at $6
SD has support at $25
CTT has resistance at $12
HCC is on watch
PARR has support at $18
VERU has resistance at $16
VTNR has resistance at $16
PLAB has support at $22
ESTE has support at $20
RFP has support at $16
BORR has support at $6
TTI has support at $5.50
HRB has support at $35
UNM has support at $37
AR has support at $45.50