This market is just amazing! Last Friday, it rallied from a big gap-down open after a disappointing jobs report, and ended the day only down slightly. Then, big buyers came in on Monday and the buying hasn’t let up. Stocks came out of the gate running today and pushed SPX to a new record high of 1589.07. SPX closed at 1587.73, only slightly off. Gold sold off hard, down to $1560/ounce.
Big flyers today include PCLN +$22.81, CMG +$10.88, GOOG +$12.53. Yesterday, FSLR popped more than +45%, as it issued stronger-than-expected forecast. FSLR pulled back $3 today. I think any pullback on FSLR is a buying opportunity. FSLR could test $50 in a couple of months! AAPL finally managed to bounced a bit, up $8.71. BIDU jumped more than +6% and should head higher from here. WYNN and LVS have been very strong, with WYNN adding more than $10 from Friday’s morning low! I think SINA could see some buying in the days to come.
The Dow was up +128.78 points; SPX added +19.12 points; Nasdaq gained +59.4 points:
SOXX (semiconductors) rallied +2.15%, while FDN (internets) hopped +2.45%. IGV (software) gained +2.06%. BTK (biotechs) jumped +2.69%. Techs needed to do some serious catching up!
SPX added +19.12 points to close at 1587.73. Its daily MAs and MACD turned up.
Nasdaq gained +59.4 points to close at 3297.25. Its daily MAs also went up.
Can you say "buy on the dip"? This is what fund managers are doing right now. You have to think that retail investors are finally coming back into stocks. I mentioned that this could happen two weeks ago: one pop and SPX is aiming for 1600! Imagine you’re not a trader, but someone who is only in the market through your 401Ks and IRAs. After a big first quarter, which you really didn’t get to participate much at all, you’ve got to be shifting your portfolio towards more stocks. Now, the new quarter starts, and the fund managers have a lot more new money coming in. Where are they going to put it? Stocks, and specifically in the US market (and Japanese market)!
I think SPX will test 1600 soon. Although after a 3-day rally, the broader market may need to take a little breather. Still, there will be individual stocks that need to catch up. Will buyers finally come back to buy AAPL? I think AAPL should at least bounce up to test $470 to $480. I’d also watch PCLN on any pullback. We could see PCLN doing some running towards that $800 mark! I also like CMG, but, it has run $30 from Friday’s low.
This market has just gotten interesting again! Let’s look for some big trades this month!
Good night and HappyTrading! ™
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