By: Big Wave Trading
April 10, 2013 at 01:11 AM EDT
$MSFT and $FSLR Lead the Market Higher
Unable to hang to the highs of the session stocks finish higher as volume jumps over Monday’s depressed levels. Wholesale inventories jumped more than expected in the month of February throwing a kink into first quarter GDP. Breadth on the NASDAQ ended in favor of the decliners despite the gains on the day. NYSE breadth ended in favor of advancers, but overall breadth has not been up to par with a rising market. Volume was below average, but above yesterday’s level showing interest in stocks picked up. However, the late day pullback from the highs did not leave us with a pleasant taste in our mouth. Regardless of how we feel about the market we are still in an uptrend and continue to operate as such. The two big movers on the day were $FSLR and $MSFT. $FSLR raised its guidance and the stock soared. It happens to be the third most shorted stock on the S&P 500. Then we have Mister Softy $MSFT jumping more than a point nearing $30. Volume was nearly twice its 50 day average. Both stocks were a big reason for the NASDAQ and S&P 500 finished in the green. Hard to say $MSFT is a growth name capable of moving substantially, but when it is a large component of the NASDAQ you have to sit up and take notice. Today’s economic data was essentially ignored with increasing inventories and the NFIB showing small business plan to hire is at 0%. Tomorrow’s release of the latest FOMC meeting minutes will be slobbered all over. When will the Fed begin to end or taper QErever? The fed has pledged to continue to provide stimulus until unemployment hits 6.5%. However, with Friday’s job report and the number of people leaving the labor force throws a monkey wrench into the Fed’s plan. Not to mention the QE plan has never been tested and risks can not be quantified. Time will tell and so will prices. Have a game plan and execute. Our uptrend remains in place and until we get a signal otherwise we’ll stick with our plan. Cut your losses short.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here