Stocks got a positive boost off the first Presidential debate, but for technology stocks it wouldn't' be enough. Financials continue to be leading stocks in this market and today once again the group leads the market. But, once again the market is looking ahead to Friday's job market. In the final hour buyers stepped up and began to push the market above the morning lows. Unfortunately for longs it wouldn't last as stocks pulled back into the close. Tomorrow's Non-Farm Payrolls will be the talk of the town and how the market reacts will be what we'll be focused on.
Volume ended the day mixed with volume on the NASDAQ coming in lower. Technology stocks continue to lag the broader market despite GOOG hitting another fresh new high. Banks have been the leading stocks as they will be the greatest beneficiary from the Federal Reserve's mortgage-backed security purchase program. The Federal Reserve will be purchasing less than high quality securities from Banks improving the quality of assets on balance sheets. It is almost a no-brainer these stocks will benefit from the program. While we would love for the NASDAQ to lead this market given the situation we'll more than likely to see the S&P 500 as our leader. Stick on leadership and leave the laggards for the birds.
Tomorrow will likely be a big day for the markets. Let the fireworks begin at 8:30am EST! Have a great weekend.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.