business newsTech Giants, Social Stocks Lead Market
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T3Live.com Sep 19, 2012 6:05 pm
Google, Apple, and Amazon are all at or near highs.
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The market continues to quietly digest in the upper third of the recent breakout, which is healthy action after a strong run over the past few months. All major US indices gained at least 0.1% Wednesday despite a pull-in just before the close.
All is well in big cap tech land, with Google (NASDAQ:GOOG) leading the charge today, up 1.3%. The stock is on pace for its highest weekly close ever, and only 20 points away from all-time daily highs from all the way back on November 7, 2007.
Apple (NASDAQ:AAPL) isn't exactly hurting, either, as iPhone 5 pre-sales continue to go through the roof. The stock made a new all-time high intraday but couldn't hold it, finished the day basically flat. Although it is not getting major momentum through $700, this basing-type action above that psychological level is very healthy and constructive.
Amazon (NASDAQ:AMZN) continues to fly under the radar amid the fanfare for AAPL and GOOG, but continues to lurk near highs. If you are a tennis fan, the stock is almost like the Andy Murray of the high beta tech stocks: a superstar in any other era, except to be overshadowed by three of the top players ever Roger Federer, Rafael Nadal and Novak Djokovic (AAPL and GOOG). AMZN, like Murray, has started to ascend more recently though and can no longer be ignored!
The social stocks were big winners today. Facebook (NASDAQ:FB) has been highlighted several times on T3Live over the past couple weeks as it looked to be putting in a bottoming pattern. The stock recovered from Monday's sell-off today, making new pivot highs with a 6.5% gain today.
LinkedIn (NYSE: LNKD), the best in breed social media stock, continues to base near all-time highs and could see momentum come in any day now.
Yelp! (NYSE: YELP) had a nasty reversal back down into the close, but has been building a nice flag over the last few weeks. Look for a close above $26.60 to get this trade in motion.
Overall, the action in the indices has been a bit lackluster, but there is rotation action in stocks every single day. You need to have the resources and trading community in place to unearth the in-play stocks, and that's what we have here at T3Live!
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
All is well in big cap tech land, with Google (NASDAQ:GOOG) leading the charge today, up 1.3%. The stock is on pace for its highest weekly close ever, and only 20 points away from all-time daily highs from all the way back on November 7, 2007.
Apple (NASDAQ:AAPL) isn't exactly hurting, either, as iPhone 5 pre-sales continue to go through the roof. The stock made a new all-time high intraday but couldn't hold it, finished the day basically flat. Although it is not getting major momentum through $700, this basing-type action above that psychological level is very healthy and constructive.
Amazon (NASDAQ:AMZN) continues to fly under the radar amid the fanfare for AAPL and GOOG, but continues to lurk near highs. If you are a tennis fan, the stock is almost like the Andy Murray of the high beta tech stocks: a superstar in any other era, except to be overshadowed by three of the top players ever Roger Federer, Rafael Nadal and Novak Djokovic (AAPL and GOOG). AMZN, like Murray, has started to ascend more recently though and can no longer be ignored!
The social stocks were big winners today. Facebook (NASDAQ:FB) has been highlighted several times on T3Live over the past couple weeks as it looked to be putting in a bottoming pattern. The stock recovered from Monday's sell-off today, making new pivot highs with a 6.5% gain today.
LinkedIn (NYSE: LNKD), the best in breed social media stock, continues to base near all-time highs and could see momentum come in any day now.
Yelp! (NYSE: YELP) had a nasty reversal back down into the close, but has been building a nice flag over the last few weeks. Look for a close above $26.60 to get this trade in motion.
Overall, the action in the indices has been a bit lackluster, but there is rotation action in stocks every single day. You need to have the resources and trading community in place to unearth the in-play stocks, and that's what we have here at T3Live!
Check out T3Live.com's Virtual Trading Floor to follow these traders and their live portfolios on real-time throughout the day! Take a free trial.
Scott Redler is long POT, GRPN, AAPL, YELP, FB, P, LNKD, MSFT, VMW. Short SPY.
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