The market is mixed as we head into the second half of trading but the bulls are winning the session as 3 of the major 4 indexes are trading higher. Tech has led the way and the baby-steps higher continue to frustrate and confuse investors and the talking heads.
We have mentioned the major indexes haven’t experienced that 2%-3% blow-off type rally past the highs since the beginning of January. The market rallied over 2% on the first day of trading for 2013 and since then the move higher has been slow and steady which has caused many to miss the rally to new all-time highs.
Not us. We have been all over this rally like grass on dirt since the beginning of December and while we do believe there is still a little room to run higher, we may have to start preparing for a pullback come March or April. Until then we have some open call options we are trying to wind down.
The Dow is down 44 points to 13,974 while the S&P 500 is higher a quarter-point to 1,519. The Nasdaq is showing a gain of 5 points to 3,191 after hitting a 52-week high of 3,205.
We have a lot to cover so let’s get on it. Subscribers, check the Members Area for the updates and we will be back in the morning with a full report.