The markets pushed higher today, with SP500 ending at just above 1480, the highest level since December 2007. Financials have been strong for the past couple of days. Among the big earnings movers were GS, BLK and PNC. GS was up more than $5 yesterday. BLK popped $10 today; and PNC added +3.73%. Although VIX is below 14, things have actually been very volatile. AAPL had a $20+ swing yesterday. PCLN has been having $10 moves. CMG took a sharp $30 drop on Wednesday morning, after giving a weaker-than-expected guidance. However, buyers came in immediately, and has risen about $24 since. ISRG traded as low as $485.8 this morning and as high as $517.46 on a quick bounce; that’s a $30 "intraday" swing! CRM took a sharp drop from $175 to $167, but has since recovered back to above $171.
After the market, INTC gave a weak outlook, sending its shares down more than 5%. However, during the day, ASML popped more than +7% and CYMI jumped +5.62%.
The Dow was up +84.79 points; SPX added +8.31 points; Nasdaq gained +18.46 points:
SOXX (semiconductors) gained +2%. HGX (housing) popped another +2.38%. USO (oil) and GLD (gold) both went higher today.
SPX added +8.31 points to close at 1480.94, just above 1480. Its daily MAs and MACD went up slightly.
Nasdaq gained +18.46 points to close at 3136. Its daily MAs and MACD also moved up.
At first look, it does seem like both SPX and Nasdaq are ready for a new leg up. But, this rally may be a bit extended. We may need to see a bit of consolidation first. INTC’s earnings will probably not help tomorrow. Things have been pretty volatile, even though VIX is under 14. But, buyers will probably be ready to buy if we do see a pullback.
With the global markets jumping higher in the past couple of months, the US market has actually been lagging, even though SPX is at a 5-year high. We’ll wait and see how 1480 holds up. SPX could be on the verge of a big breakout! Financials may need to see some consolidation. Pay attention to the mining stocks (coals in particular), which have been quite for the past couple of weeks!
Good night and HappyTrading! ™