Stocks moved higher despite the Shanghai dropping 3.65% as the country tries to solve its real estate issues. Intraday volatility continued, but stocks were able to find their footing after the lunch hour. Lows were set just after noon time and did not look back. Volume throughout the day ran well under Friday’s levels. We aren’t surprised volume was running lower as we have seen Mondays have been low volume days. GOOG and AMZN lead the NASDAQ along with YHOO while AAPL continued to lag. Today’s price action is bullish, but we still remain in Neutral mode and looking for a follow-through day.
AAPL continues to remain weak and we are not surprised one bit as the stock has been in a downtrend for quite some time. We can point to many different reasons for the stock’s decline. Does it matter what reason we pick? Not one bit. At this point you will have many trying to pick a bottom in the stock and will fail miserably. The stock does have a pivotal point of 435 and a move above that would be a buy signal. We can’t predict moves and can only react to how the stock moves.
GOOG broke out to new highs on big volume today showing the big cap technology stock continues to see accumulation. Perhaps GOOG Glass will be a big product break through adding to GOOG’s bottom line or not. The action in this stock while not ideal is quite bullish. At this point, you are chasing the stock if you are thinking of buying it here. If we get more stocks acting like this we’ll see this market push to new highs.
Tomorrow’s economic release will be from the ISM Non-Manufacturing. Later in the week we’ll get the Fed’s beige book. While these will provide an excuse for the market to move and we’ll be ready to react.
TICKER ST TREND TREND CHANGE DATE CLOSE %
SPY DOWNTREND NO CHANGE 3/4/2013 152.92 0.53%
IWM DOWNTREND NO CHANGE 3/4/2013 91.13 0.26%
QQQ DOWNTREND NO CHANGE 3/4/2013 67.68 0.45%
USO DOWNTREND NO CHANGE 3/4/2013 32.40 -1.04%
UNG UPTREND NO CHANGE 3/4/2013 19.45 1.99%
GLD DOWNTREND NO CHANGE 3/4/2013 152.30 -0.09%
SLV DOWNTREND NO CHANGE 3/4/2013 27.60 -0.07%
DBC DOWNTREND NO CHANGE 3/4/2013 26.84 -0.37%
FXY UPTREND NO CHANGE 3/4/2013 104.86 0.10%
FXE DOWNTREND NO CHANGE 3/4/2013 129.13 -0.03%
TLT UPTREND NO CHANGE 3/4/2013 118.9 -0.53%