AAPL stock helps the cause as stocks close higher on lower trade
Volume drops across the board as the Dow closes in the red for the 2nd time in 3 days. NFLX stock and AAPL stock continue to power the NASDAQ as both continue to add to their gains. NFLX stock once again defy the shorts as the stock sports a 23% short interest ratio. Volume ran true to most Mondays as volume could not keep pace with Friday’s level. The media can blame the lack of volume on traders forgetting it was Valentine’s Day and did their shopping today. Kidding aside, there were a few other leaders acting well outside of NFLX stock and AAPL stock. Today was another positive day in the markets once again despite calls for a pull back.
Market pundits can’t help themselves to call a market top. And why not, the media loves to make folk heros out of those who get lucky and pick the “top.” Look at Doug Kass who said in July the market lows were in for the year. But, this is the same market pundit who continues to fight the market to short it! However, CNBC continues to parade Kass and others to provide an opinion on the market. Remember, opinions do not matter in this market whatsover. Price and volume action remains king.
Today was a quiet day on the economic front, but tomorrow the market will digest a slew of numbers:
- Empire Manufacturing
- Import Prices
- Advance Retail Sales
- Advance Retail Sales ex Autos
- TIC Flows
- Business Inventories
- NAHB Housing Market Index
CNBC and Bloomberg TV will interview a few “market experts” to give their opinion on the market and these numbers. All the while, we’ll be focusing on what matters price and volume.
Small caps lead the day as the index hit another 52 week high. Small cap stocks have been running higher quite nicely and continue to lead this market higher. While this is a good sign the NASDAQ is the top dog when it comes to verifying the health of the market. Outside of our leading stocks! The NASDAQ, like the Russell 2000 hit another 52 week high showcasing fighting the tape is a losing battle. Stick with the trend and follow the price and volume action ques from the market. There are a lot of so called Stock Market Tips, but following price and volume acion remains in the top tier of tips.
Our uptrend continues to act healthy, but always remember to cut your losses short and your winners run.
Great commentary, Market.