The Trader Daily

By

Bob Byrne

 | Jul 10, 2014 | 7:30 AM EDT
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Wednesday's close was hardly an overwhelming victory for the bulls. Because despite being led lower by small caps, momentum stocks and the iShares Russell 2000 ETF (IWM) as a whole, the IWM actually finished the day beneath its opening print.

That's right. While the Powershares QQQ Trust (QQQ) and SPDR S&P 500 Trust (SPY) closed 0.5% and 0.25% above their opening prints, the IWM closed 0.1% lower. So the index that's been sold most aggressively during the recent sell-off remains incapable of attracting much interest from the dip-buying crowd. The one bright spot worth noting is that a number of beaten-down momentum names, such as LinkedIn (LNKD), Facebook (FB) and Workday (WDAY) have found support at their 50-day simple moving averages during the past two trading sessions....471 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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