The DJIA was up 65.06 points to finish at 17,763.24 while the S&P 500 closed higher by 7.27 at 2,066.96. The Nasdaq gained 6.71 to close at 4,886.94 and the Russell 2000 finished at 1,255.66, up 3.95 points.
The stock market is closed on Friday but the economic report to be released that day -- of extreme importance once the stock market opens for trading on Monday -- is the monthly jobs report. It isn't worth trying to game that report as a trader so we will let the markets be our guide.
The stock market is living on borrowed time as far as the bull market is concerned. The negative divergent indicators seem to be all over and there are overbought signals in the indexes.
From a trading point of view, traders should be very nimble and take profits when they are available. Investors need to be cautious and not make big bets on a continued asset bubble continuing to grow ever higher.
As mentioned Wednesday, there were three stocks that appeared to be oversold that could be purchased for traders.
Those stocks were Best Buy (BBY) - Get Report which was higher by 2.74% Thursday; Ultra DJ-UBS Natural Gas (BOIL) - Get Report, which was higher by 7.82%; and Biogen (BIIB) - Get Report, which was lower fractionally and continues to be extreme oversold. Two new stocks that appear to be oversold are Google (GOOG) - Get Report and Urban Outfitters (URBN) - Get Report.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.