Market Comeback Gains Steam

The market’s comeback gained momentum Wednesday, the Dow erasing all of Monday’s losses and the S&P climbing back above its 8- and 21-day moving averages. The sell-off that greeted investors to start the week appeared to be at least a short-term complexion change, but this market continues to prove its steadfast resilience. The S&P and Dow both finished up around 1.3%, while the Nasdaq gained 1.0%.

The price action in stocks over the last two weeks could be proof that the Fed still largely controls this market. FOMC minutes last week hinted that some hawkish Fed governors want to take away the punch bowl in 2013, which weighed on the market. But all it took to reassure jittery investors this week was Chairman Ben Bernanke’s congressional testimony. The Chairman reiterated his stance on QE that its risks are manageable and benefits significant.

Disclosure: Scott Redler is long GOOG, BAC, NFLX, BBRY. Short SPY

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

Visit: T3Live

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