Bulls Stage Comeback Into the Close, but Why?
After sliding lower for most of the day, stocks bounced at the end of trade, and finished the day in the green. Why the huge reversal of fortune?
The Fast Money pros largely believe a turn in Apple provided the catalyst that buoyed the entire market into the green.
Apple finished its best day in five months after Goldman Sachs said now is the time to buy Apple stock.
n a note the firm called Apple "oversold," and said to expect a big bounce back to end the year.
"A lot of folks were significantly short of both Apple and the market," added OptionMonster Jon Najarian. "And the Goldman note sent the shorts scrambling. It turned things pretty dramatically."
Looking at the technicals, Apple results due on Thursday October 25th after the bell, could make or break the market. The S&P 500 closed on Monday just below its 50-day moving average of 1,434 - seen as a strong support level.
In case you're wondering, Goldman has a "buy" rating on the stock and a price target of $810.
Posted by CNBC's Lee Brodie
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