Today’s to-the-point market recap courtesy of Yahoo Finance, “U.S. stocks rose more than 1 percent on Thursday as lower Italian bond yields eased some euro-zone concerns and rumors about China’s strong GDP growth bolstered investors’ appetite for risk.”
Looking at the latest charts, the S&P 500 and NASDAQ both had no problems today regaining a position back above the 50 day moving average. Furthermore, both indices have now retraced all of Tuesday’s fall off. However, while volume is a debatable topic, it is worth noting that today’s volume was very low. A look at the intraday action,
Market leaders are good to look at during these times because their movement is a good gauge of overall market health. The two current market leaders, Apple (AAPL) and Priceline (PCLN) have both begun to show signs of weakness. Zero Hedge commented today,
Apple is currrently trading down three days in a row (which is unusual in itself), having dropped the most in these three days since the middle of December. However, unlike the previous times when Apple dropped, the S&P 500 is ignoring it for two days in a row – something that has not occurred since mid-January and the largest divergence with Apple down 1.2% and the S&P 500 up over 2.1%. Are the professionals using the gap-fill market pump to sell into strength?
For current Apple technical analysis, see Tuesday’s market recap.
On the earnings front, Google (GOOG) had a strong +2.4% session today heading into the earnings call (earnings were posted after the close). Full Breakdown at IBD, but the stock is mixed after hours, trading up only 2 points at the moment sitting at $653.10. A look at its chart,
Updated market analysis below. As usual there will be no market recap tomorrow, so have a great Friday alongside a great weekend and I will see you back here next week!