Mid Day Trading Update – Apple Finally Breaks Out
Apple (NASDAQ: AAPL) stock has been showing some life in the past week and it has all culminated into the move she put in today, up close to 14 points and reclaiming previous resistance around $420. Friday's price action was very indicative of the rally taking place today. We spotted a heavy buyer throwing around 10,000 shares on the bid over and over using the INET/UBSS exchanges. The stock gapped up this morning and even though the markets looked weak, Apple & Google (NASDAQ: GOOG) were pushing higher slowly. Once the markets reversed to the upside after the Home Sales figures came out and that was all she wrote.
Google is definitely worth paying attention too today. The stock is up over 18 points and this is after positive earnings were released last week. If the market continues higher, this name could make a fresh all time high.
Financials aren't really participating in today's buying activity but that could simply be sector rotation or the fact that the sector has been pretty bullish already for the past few weeks. Credit Cards are also looking strong today as well.
Casinos have been lackluster today relative to their performance as of late. WYNN Resorts (NASDAQ: WYNN) reported earnings last week and investors reacted negatively to the news but have since bought the stock back up to levels seen prior to the call.
Everything looks pretty damn bullish today guys and it is very possible we break those all time highs soon unless some catalyst stops that from happening. It may come from the FED minutes being released on Wednesday so keep an eye out for that.
Stay tuned for further updates!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.