Stocks Bounce up goes the SSO
ProShares Ultra S&P500 (ETF)(NYSE:SSO) increased 2% today while the S&P 500 inched up 1%.
The SSO could be back on its way to a new 12 month high. The SSO closed at $105.32. The 12 month high for the SSO is $108.35. The pullback appears to be only temporary and there are many bulls betting stocks keep running higher.
Cramer doesn't usually celebrate declines, but he says these are a relief.
"The slate of recent IPOs has overwhelmed the stock market," Cramer said. "The declines in the stocks of newly public companies suggest to me that the market is, finally, becoming a more rational place."
Wall Street posted its first gains in four days on Tuesday as traders cautiously scooped up some beaten down growth stocks. The encouraging sentiment persisted into Wednesday after Alcoa (AA), the aluminum giant, revealed adjusted earnings that topped expectations. Other earnings on tap this week including banking behemoths JPMorgan Chase (JPM) and Wells Fargo (WFC).
Bottom line: Instead of risking your money on indivdual stocks go with the true winner if stocks increase, the SSO.
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