For the ninth straight session the NASDAQ closed with gains. Crude oil slipped below $50, but the market is focused on Janet Yellen’s testimony tomorrow morning on Capital Hill. The stock market has all but ignored the situation in Greece as the country looks to provide a list to the EU. Whether or not this will create any sort of buzz remains to be seen. AAPL continues to operate in Beast Mode as it was up more than 3 points in today’s session. The sole reason the NASDAQ closed green was due to the rise in AAPL. Other stocks were not so lucky, but overall today was not a bad session for stock market bulls.
Only the NASDAQ appears to be in overbought territory, but in large part thanks to the AAPL. AAPL’s huge run and its massive size within the NASDAQ has given the NASDAQ a big boost. This reminds of us of 2012 when AAPL made a similar move. Small cap stocks are not in the same territory as well as the Dow Jones Industrial Average. Both indexes do not have AAPL as a constituent and thus have yet to rise to the level of the S&P 500 or NASDAQ. The real question is breadth broad enough to continue to support this uptrend.
The real action will likely be tomorrow at 10am when Janet Yellen testifies. Her prepared statements will feed the news reading algos. We’ll be in our chat room evaluating the action for our end-of-day signals. There will also be intraday stocks to watch as well. Come join us!
Our uptrend remains intact for now and we will continue to monitor this market for our signals.
