The market cruised higher once again today and it's looking even stronger in the after-hours session thanks to earnings from AAPL and TXN. Apple has traded on both sides of its all-time high of 202.96 tonight. I'm a little concerned about it doing a gap & crap tomorrow, like AA and INTC did after their good earnings reports last week. The $200 level should be a battlefield tomorrow and I'll be watching closely for a play long or short off of the action around 200 -- assuming it even gets down to 200. Here's the aforementioned Intel chart, which has pulled back and now looks ready for a push higher.
Here are the index charts.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) 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.
Gap and Crap???
Yep. The more polite name is "gap and trap" --
"A "gap and trap" can apply to an individual stock, a market index or a futures contract.
A "gap and trap" occurs when something gaps up, investors pile in and buy during the first few minutes of the trading day, and then the market or stock suddenly reverses direction, catching the people who bought in right off the open. "
Thanks for the info. I was thinking we might see that today.
Mike,
Are you the same Trader Mike that had a trading forum on yahoo back in the late 90's during the tech bubble?
Exec
No, that wasn't me.