SPX flirting with new highs
Two weeks ago all the bears were out predicting the end of this market. A 10% correction or 5% correction was inevitable. So it seemed that way at least emotionally. But the charts held the secret to the ball that is moving up and down all the time. A closer look would have told you otherwise.
Today the market ran up on pending home sales data. The real estate market is perhaps going to lead this economy from the slump this year. Despite a lacklustre GDP report last week, we are still seeing a run today. Most of the bad news is being shrugged off at this time. Because the earnings season is not over and 71% of S&P 500 companies have reported so far there may be more upside to it.
There are stocks that have given good earnings to the investors – like GOOG and NFLX and they are both above their ranges. But there are other tech giants that have not fared well at this time like AAPL for example , which despite its buyback program and dividend has still to go above its 50 day moving average to encourage the bulls or it will just continue with its down trend of the last six months.
LNKD has earnings on May 2 2013 and its is also in the top of its range. A 200 mark is in the cards if earnings are any good.
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