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The stock market surged higher today on exploding higher Consumer Confidence figures despite a record drop in home prices and bad news from the auto sector. Home prices dropped over 19% in the first quarter, a new record decline. Auto maker, General Motors, moved closer to bankruptcy as bondholders failed to accept a debt for equity swap. The DJIA closed near the highs up +196.17 to 8473.49, the Nasdaq surged +58.42 to 1750.43 and the S&P 500 advanced +23.33 to 910.33.
Apple (AAPL | Quote | Chart | News | PowerRating) - Advanced 6.60% or $8.11 to $130.61/share upon being upgraded to overweight by Morgan Stanley.
General Motors (GM | Quote | Chart | News | PowerRating) - Surged over 25% higher intraday on word of massive government assistance despite the imminent bankruptcy. However, shares closed lower by 2.80% or 0.04 cents to $1.39/share.
Palm (PALM | Quote | Chart | News | PowerRating) - Jumped 10.38% or $1.05 to $11.17/share on consumer acceptance of its new phone named "pre".
First Solar (FSLR | Quote | Chart | News | PowerRating) - Dropped 6.37% or $12.21 to $179.51/share after being downgraded to market perform by FBR Capital.
Oil climbed 0.78 cents to $62.41, Gold fell $5.60 to $953.30 and the fear index VIX fell 6.16% to 30.62.
According to a recent report, eight out of ten securities traded are exchange-traded funds. Want to learn how to trade them? Click here to pre-order High Probability ETF Trading, the first quantified book of trading strategies to improve your ETF trading.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
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