Markets made decent recoveries off session lows to finish near the UNCH mark. Both the Nasdaq and S&P 500 were down nearly three quarters of 1% in the early morning on Fed talk that interest rates could rise early next year. The benchmarks have been doing what they have been doing all along, shrugging off most that is thrown at it. Those aforementioned indexes have put in two nice closes Wednesday and Thursday, after Tuesday’s ominous outside days. For the week heading into Friday the Nasdaq is higher by .1% while the S&P 500 is down .3%. Not bad after last weeks 1.3% advances for both indices. Names that shined today were the likes of TWTR which took out the round 40 handle for the first time in two months and is lower just 3 sessions in all of June. Energy stocks continue to be the best group overall, but the recent volatility within the sector has to be somewhat concerning. Remember top are put in among big wide trade, and looking at some leaders in the group NBR fell 6% Monday and Tuesday, but Wednesday and Thursday gained 8%. PXD exchanged 11 handle gains and losses on Tuesday and Wednesday this week as well. Some former retail names that were once upon a time best in breed that have in recent years become serial disappointments are COH BBBY. BBBY fell 7% Thursday after reporting but was today capitulation? Notice the last two times it released numbers on 4/9 falling 6.2% and on 1/9 by 12.5% the stock closed near lows for the session. Today however on the single largest volume of the year it reversed and closed near highs for the day. Perhaps now is NOT the time to throw in one of “their” towels.

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