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The S&P took out some big resistance today, but the volume was light. The 1474 level was pierced and the index closed at around 1481. We’ see if the bulls can thrust this through 1492 then maybe 1500 before we take a rest.
It would not surprise me to see a pullback over the next week and it would be healthy technically. Tomorrow is option expiration so there will be a lot of artificially high volumes.
The major banks have for the most part if you consider BAC, C, JPM, WFC and GS as majors. There will still be a flurry of smaller and regional banks left to report.
INTC reported after the close, the stock ripped higher at first, but lower guidance drove the stock lower. It was a big move from top to bottom.
GOOG has been acting squishy and AAPL digested yesterdays gains. There was a note out today that the put options in GOOG were at eight year highs. I don’t know what the takeaway is on that, either someone knows something bad, or it could be a great contrary indicator. Only time will tell.
I updated the P&L so check for any stop adjustments.
Have a great night.
Joe