9:00am (EST)
The bulls were able to recover from an opening bear attack in yesterday’s action as they were able to push higher ground for the most part. Tech still finished in the red but the rebound was impressive as support held and the losses were minimal. Of course, Apple (AAPL, $485.92, down $15.83) stayed near session lows and seems stuck in the mud but other sectors picked up the slack.
The Dow gained 27 points, or 0.2%, to settle at 13,534. The blue-chips traded down to 13,445 but rebounded triple-digits off the low to hit 13,546. The bulls are moving closer towards 13,600, and if cleared, our 13,777 target from mid-December would be up next. Support has been strong at 13,350 and is moving up.
The S&P added 2 points, or 0.1%, to finish at 1,472.34. It was a new closing high for the year and the 52-week high is 1,474.51. The bulls easily held 1,450 as yesterday’s low checked-in at 1,463 and we have mentioned a print above 1,475 should get 1,500 in play, quickly.
The Nasdaq fell 7 points, or 0.2%, to close at 3,110. Tech tested a low of 3,093 but held 3,100. There is risk to 3,075 and then 3,050 but the bulls are still eyeing a run past 3,150 to 3,200.
The Russell 2000 hit a fresh 52-week and all-time high after advancing more than 4 points, or 0.5%, to end at 884.60. The peak was 884.84 and our mid-December target has been 885. We mentioned over the weekend there could be room for a run to 900 and for 2013 the small-caps could push 1,000. However, we doubt the road is going to be paved that smoothly so at some point we will have to prepare for a possible back test. Until then the trend is our friend.
Futures are showing a mixed open this morning as Boeing (BA, $76.94, up $0.39) is weighing on the blue-chips: Dow (-51); S&P 500 (-3); Nasdaq 100 (+3).
We will cover a few companies that are reporting in our midday update but for now it’s all about our current trades which are showing solid gains. Subscribers, check the Members Area for the details and stay locked-and-loaded in case we take action this morning.
This entry was posted
on Wednesday, January 16th, 2013 at 8:39 AM and is filed under Apple, Market Analysis, Market Commentary.
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Bulls Recover as Market Ends Mostly Higher
9:00am (EST)
The bulls were able to recover from an opening bear attack in yesterday’s action as they were able to push higher ground for the most part. Tech still finished in the red but the rebound was impressive as support held and the losses were minimal. Of course, Apple (AAPL, $485.92, down $15.83) stayed near session lows and seems stuck in the mud but other sectors picked up the slack.
The Dow gained 27 points, or 0.2%, to settle at 13,534. The blue-chips traded down to 13,445 but rebounded triple-digits off the low to hit 13,546. The bulls are moving closer towards 13,600, and if cleared, our 13,777 target from mid-December would be up next. Support has been strong at 13,350 and is moving up.
The S&P added 2 points, or 0.1%, to finish at 1,472.34. It was a new closing high for the year and the 52-week high is 1,474.51. The bulls easily held 1,450 as yesterday’s low checked-in at 1,463 and we have mentioned a print above 1,475 should get 1,500 in play, quickly.
The Nasdaq fell 7 points, or 0.2%, to close at 3,110. Tech tested a low of 3,093 but held 3,100. There is risk to 3,075 and then 3,050 but the bulls are still eyeing a run past 3,150 to 3,200.
The Russell 2000 hit a fresh 52-week and all-time high after advancing more than 4 points, or 0.5%, to end at 884.60. The peak was 884.84 and our mid-December target has been 885. We mentioned over the weekend there could be room for a run to 900 and for 2013 the small-caps could push 1,000. However, we doubt the road is going to be paved that smoothly so at some point we will have to prepare for a possible back test. Until then the trend is our friend.
Futures are showing a mixed open this morning as Boeing (BA, $76.94, up $0.39) is weighing on the blue-chips: Dow (-51); S&P 500 (-3); Nasdaq 100 (+3).
We will cover a few companies that are reporting in our midday update but for now it’s all about our current trades which are showing solid gains. Subscribers, check the Members Area for the details and stay locked-and-loaded in case we take action this morning.
This entry was posted on Wednesday, January 16th, 2013 at 8:39 AM and is filed under Apple, Market Analysis, Market Commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.