This morning it looked like we might not get the bounce I expected today after the Monday morning sell off and Monday afternoon recovery.
The NASDAQ, dominated by the big tech names most likely to bounce today, started Tuesday off in a mild downturn. As of 11:07 a.m. New York time the index was down 0.31%.
But then tech stocks stated to rally and the index closed the day ahead 1.72%. The NASDAQ 100, even more dominated by the big tech names, closed higher by 1.86%.
Apple (AAPL) finished the day up 1.69%. Facebook (FB) was ahead 2.86%. Amazon (AMZN) added a whopping 5.73%. Microsoft (MSFT) was higher by 2.69%. Alphabet (GOOG) added 2.14%.
The days theme was go for the big guys in the bounce as they outperformed other technology shares. Veeva Systems (VEEV), for example, was up only 0.75% and Infineon Technologies (IFNNY) gained only 0.84%.
Financials struggled with the Financial Select Sector SPDR ETF (XLF) down 0.94% against a gain for the day for the Technology Select Sector SPDR EFT (XLK) of 1.74%. Wells Fargo (WFC), in my opinion the weakest of the big bank stocks, fell 1.48%.
Economic recovery dependent shares moved up solidly with MGM Resorts International (MGM) adding 2.63%. Six Flags (SIX) gained 1.0%. Cruise operator Carnival was up 0.77%. American Airlines (AAL) rose by 1.23%.
The CBOE S&P 500 Volatility Index (VIX) fell back today, as you’d expect on a bounce day, closing at 26.55, down 4.43%.
