OPTIONSMART MORNING UPDATE: Soared on strong consumer confidence reading

May 28th, 2009 at 7:59 am

OPTIONSMART MORNING UPDATE: Soared on strong consumer confidence reading

1. OUTLOOK: The market finished lower on yield concerns. The higher borrowing costs associated with higher yields undermine the government's efforts to keep rates down in order to help along an economic recovery. Meanwhile, losses in the tech sector were modest, thanks to the relative strength of large-cap tech stocks. Apple was a primary leader among tech issues, but semiconductors were showing considerable strength. It looks like the tech sector needs more reasons to move above the 35 resistance level.

QQQQ chart
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