Market Gyrates in upper level swings
The market dropped at the open on Sequestration fears and the usual media hype built around it. The opening once again shook the tree. But soon afterwards ISM manufacturing data poured in and it was a strong report and SPX managed to pare back most of the morning losses. In looking this whole week it has been an unusual kind of week. The market has been gyrating in larger swings at the top. It has not fully recovered at the 1530 levels set on February 20, 2013. This kind of action forms a broad top which is a bearish pattern. We just have to see how it comes around next few days.
Most of the action in stocks has been bullish except AAPL which dropped another 11 points today on the news that David Einhorn has dropped his lawsuit against the company. Another analyst also downgraded AAPL and now it has fallen through the cracks. There is a earnings gap from last year that is getting filled to the downside.
GOOG on the other hand has closed above the 800 day and seems to consolidate here. LNKD also made new highs today at 170 and NFLX trailed behind a little. FB on the other hand managed to get past its downward trendline and that remains to be seen if ut can clear 28 at least next week.
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