Mid Day Trading Update – Live To Fight Another Day
The indexes again dropped out during the morning session but so far the bears still can't get complete control of the underlying sentiment. We've still been bullish, with select names continuing to push higher and brushing off the influence from the SPY weakness. Since 12 PM, the market has recovered some of the losses but we'll see where we end up by day's end. I'm assuming it will be business as usual and the SPY will head back towards $169.
It's been a pretty dull session however, with many stocks giving back some gains from Friday's bullish close. Apple (NASDAQ: AAPL) finally managed to put in a clean upside move obviously while the rest of the market sits dormant. The Financials are actually looking pretty weak today which is surprising as they've managed to maintain a consolidation pattern for quite some time now.
Investor anticipation right now still lives on the buy side and many traders are buying all dips they can get their hands on. Issues in Japan, China, Egypt and Europe are all being brushed off daily and we'll see if the bulls can continue to fight throughout the week to ensure we rally to our all-time highs.
Stay tuned for more updates!
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