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Equity Roundup: Broad Base Technical Buying

US STOCKS

Stocks surge higher - from session lows less than an hour ago to new session highs in last few minutes. Trading desks note surge in European stocks as well: DAX +1.10%, EuroStoxx50 +0.90% - nears March highs.

  • No particular headline driver, trading desks citing technical buy trigger, Santa Claus rally comes early this year. SPX scaling off highs currently trading -5.5 (-0.14%) at 3994.75 (nearing first resistance of 4023.44 61.8% retracement of the Aug 16 - Oct 13 downleg), Dow components still bid +23.5 (0.07%) at 33773.37, while Nasdaq remains weaker -81.5 (-0.7%) at 11241.18.
  • SPX leading/lagging sectors: Energy (+0.84%) and Materials (+0.84%) sectors outperforming: Valero Energy (VLO) +4.42%, EQT Corp +3.03%, Nucor Corp (NUE) +3.41%, Corteva Inc ((CTVA) +3.32%. Laggers: Consumer Discretionary (-1.24%), Real Estate (-1.07%), Information Technology (-0.68%).
  • Dow Industrials Leaders/Laggers: Bouncing after heavy selling Fri, Amgen (AMGN) +2.79 at 287.81, Merck (MRK) +2.55 at 100.51, Chevron (CVX) +2.43 at 188.89. Laggers: Microsoft (MSFT) -4.64 at 242.39, Home Depot (HD) -2.17 at 312.77, Apple (AAPL) -1.48 at 148.22.

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