Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Minyanville's T3 Daily Recap: Markets Mixed, Apple Finds Support at 50-Day Moving Average

By

Biotech stocks Amgen and Gilead both surged today.

PrintPRINT
The Minyanville - T3Live Daily Recap is brought to you by T3Live.com. T3Live.com is an online financial media network and education platform that provides active traders and investors with market analysis, real-time access to strategies, and in-depth training from real traders, real-time©. Learn more.

US markets finished mixed again Tuesday, avoiding losses across the board thanks to a late-afternoon rally. The Dow dropped 0.24%, but the Nasdaq and the S&P eked out gains of 0.21% and 0.09%, respectively. European headlines continue to weigh down world markets amid reports that a Spanish aid request is not close.

Health care stocks were the top performers on the day, especially biotech stocks Amgen (NASDAQ:AMGN) and Gilead (NASDAQ:GILD), which surged 1.5% and 2.5%, respectively. The telecom sector was also strong amid M&A speculation, with MetroPCS (NYSE:PCS) the big winner, up 17.8%.

Apple (NASDAQ:AAPL), after early morning weakness, faded most of the day until the last hour. We had been targeting the 50-day moving average as a likely destination for a pull-in, and Apple kissed perfectly off that level today. Apple actually closed back above yesterday's low, and could bounce back up into its 21-day moving average in the short-term. Today's high and low are your new short-term references to trade against.

Google (NASDAQ:GOOG) continues to hold up best among the tech leaders, and only fell down into its 8-day moving average for the first time in more than two weeks. The fact that Google held that 8-day moving average level can keep the speed of the rally intact, but don't get greedy after a big run over the last few months.



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.
< Previous
  • 1
Next >
Scott Redler is long FB, AAPL. Short SPY.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE