The rally got a little dicey this morning but the bulls were able to keep the pressure up into the afternoon session. So the market recouped the bulk of Tuesday's losses on slightly higher volume. We've now got the Nasdaq and S&P poised to breakout above their January downtrends. Let's see if the news flow will allow that breakout to happen.
Apple Inc. (AAPL) will probably be the stock of the day tomorrow. It was up about 9% after-hours on their earnings/guidance. My guess is that the bulls probably have two or three days of partying in AAPL before it hits the wall and is ripe for renewed selling...
Yesterday I said that the BKX was probably due for a dead-cat bounce and we got that today. BofA (BAC) helped out a lot with its 30% gain, yet that stock is still within a steep downtrend. Part of its gains were due to news of some insiders buying the stock. For the sake of those who bought for that reason I hope that these insiders have better timing/judgment than Wachovia's CEO did last year when he loaded up on their stock right before it tanked.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Down | Down | Down |
| Intermediate | Down | Down | Down |
| Short-term | Down | Down | Down |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Trader Mike is back.
Jack Bauer is back.
And the Steelers are going to the Super Bowl.
Ahhh, life is good!
Thanks for the reminder on Wachovia's CEO's ill-timed purchase of company stock. I was trying to remember the source of my skepticism over the latest insider buying in financials. One has to wonder whether this stuff is misplaced optimism or a last-ditch attempt to glue some confidence together in these banks.
Mike, welcome back, we missed you!
Thanks guys. Sorry Doc Dan, somehow your comment got sent to the spam folder & I'm just now seeing it. Good to know that you're also a Steelers fan.