BALTIMORE (Stockpickr) -- Stocks are snapping back this week -- and a handful of names is better positioned to profit than most.
The selling we've seen in May has been immutable. In the 13 market sessions before yesterday's open, 12 had been losing days; the biggest cold streak for the Dow since October 1974. Clearly, stocks were woefully oversold, so it's really no surprise that equity prices snapped back so hard in yesterday's session. The S&P 500 rallied 1.6%, its biggest gain in two months. And the Nasdaq Composite rallied hardest of all, climbing nearly 2.5% in the index's biggest single-day increase of the year.
Just like the unabating selloff, it's likely that we'll see some continuation from this bounce in the broad market. In the S&P, momentum is pushing back out of oversold territory, and a bullish engulfing candle points toward more short-term upside as buyers pile into stocks.
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