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Can Stocks Pick Up Early Momentum in 2015?

By The Chartman FOXBusiness

The first day of trading started off nicely…then sold off…then rebounded. The result was a “small range day” – in other words, not much difference between open and close. Coming after a sharp move up or down, days like this often mark a turning point in momentum. That makes the odds of the market rebounding next week fairly good.

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I keep reading where housing is improving, but I’m unsure. I’ll believe more in any rebound once Toll Brothers (TOL) breaks to new highs.

Under Armour (UA) has gone up nearly 2000% since early 2009. That’s one heck of a move. I still like the company but would be on the sidelines until it breaks out of that sideways pattern.

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Back next week to see how that “first 5 days of the year” indicator is working out.

What do you think?

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