"You have to like the resiliency of Mr. Market here," said Schaeffer's Senior Technical Strategist Ryan Detrick, CMT, following a bounce-back that saw the Dow nearly get back all the losses suffered the day before. "After the worst day of the calendar year, it bounces back with more big gains just as quickly. Everyone knows the market is overbought, yet it isn't giving participants much of a chance to enter."
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With the White House offering a short-term budget fix and some good news emerging on housing prices, the bulls were back after a one-day absence as the Dow Jones Industrial Average (DJI) recouped most of the losses taken the previous day. The Dow finished at 13,979.30, gaining 99 points, or 0.7%, and traded north of 14,000 for much of the afternoon before settling back near the bell. In a near reversal from Monday, all but two companies advanced on the 30-member Dow, led by UnitedHealth Group (NYSE:UNH), which jumped 3.6%. International Business Machines (NYSE:IBM) was the largest decliner, falling nearly 0.5%.
The S&P 500 Index (SPX) also rose, gaining almost 16 points, or 1%, to close at 1,511.29. The index regained its foothold above 1,500 -- the sixth time in the last eight sessions it has closed there -- and touched a new five-year peak of 1,514.96 in intraday action. The Nasdaq Composite (COMP) gained 40 points, or 1.3%, to finish at 3,171.59.
A Trader's Take:
"Europe was the reason for the drop yesterday, now they are getting credit for the bounce today," Detrick said. "All I know is we've had a great run and lots of traders are getting itchy trigger fingers to pick a top."
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