Stocks are consolidating the sizable gains since Friday's closing bell, and it's accompanied by higher high yield corporate bond values.
Up till now, the S&P 500 consolidation is taking shape of a shallow sideways trading range just below our initial take-profit target. The current price action appears to be a case of back-and-forth trading only, as we see no signs of an impending reversal to the downside to act upon.
Technology is having one of its weaker days today so far, while healthcare is still range-bound and financials are steeply higher. Neither real estate or consumer discretionaries are disappointing, and the stealth bull market trio (energy, materials, industrials) is higher too.
Our profitable long position remains justified, without need to adjust its parameters.
Stock Trading Strategist
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