business newsMinyanville's T3 Daily Recap: Markets Holding Firm at Upper Levels
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T3Live.com Sep 18, 2012 5:25 pm
Oil prices fell for the second straight day, with some weakness being attributed to FedEx,which lowered its outlook for global growth and industrial production when it reported first quarter earnings.
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US markets were mixed, but basically unchanged Tuesday as they continue to digest gains from last week. Traders look to analyze the speed of rallies by measuring the depth of retracements, and so far the market has simply rested rather than seeing any substantial pullback. The quiet sideways action over the last two days has allowed the oscillator to work off some of its overbought condition, and allowed leading stocks time for their 8- and 21-day moving averages to play catch-up. Bullish composure remains firmly intact and it appears shallow retracements will be buyable moving forward.
Oil prices fell for the second straight day, with some weakness being attributed to FedEx (FDX), which lowered its outlook for global growth and industrial production when it reported first quarter earnings. A 3% drop in oil on Monday baffled traders, who couldn't locate any discernible catalyst. There has been speculation that the Federal Government may release reserves from the Strategic Petroleum Reserves (or SPR) in order to offset rising fuel prices, but the White House has responded that there are no immediate plans to do so.
Apple (AAPL) closed above $700 for the first time as iPhone 5 sales continue to surpass already lofty expectations. Apple had an early pop through the $700 level before fading and trading below for most of the day, but another late afternoon push ensured the milestone close.
Facebook (FB) held strong today after it wasn't able to hold yesterday's gap up. In the first few months of its public life, Facebook was unable to sustain rallies, but it now looks to be building a nice lower level base.
The precious metals gold (GLD) and silver (SLV) are hard to chase after such a big run over the last month, but look to be building constructive patterns once more. Gold rebounded from yesterday's selling and is right back up near pivot highs.
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.
US markets were mixed, but basically unchanged Tuesday as they continue to digest gains from last week. Traders look to analyze the speed of rallies by measuring the depth of retracements, and so far the market has simply rested rather than seeing any substantial pullback. The quiet sideways action over the last two days has allowed the oscillator to work off some of its overbought condition, and allowed leading stocks time for their 8- and 21-day moving averages to play catch-up. Bullish composure remains firmly intact and it appears shallow retracements will be buyable moving forward.
Oil prices fell for the second straight day, with some weakness being attributed to FedEx (FDX), which lowered its outlook for global growth and industrial production when it reported first quarter earnings. A 3% drop in oil on Monday baffled traders, who couldn't locate any discernible catalyst. There has been speculation that the Federal Government may release reserves from the Strategic Petroleum Reserves (or SPR) in order to offset rising fuel prices, but the White House has responded that there are no immediate plans to do so.
Apple (AAPL) closed above $700 for the first time as iPhone 5 sales continue to surpass already lofty expectations. Apple had an early pop through the $700 level before fading and trading below for most of the day, but another late afternoon push ensured the milestone close.
Facebook (FB) held strong today after it wasn't able to hold yesterday's gap up. In the first few months of its public life, Facebook was unable to sustain rallies, but it now looks to be building a nice lower level base.
The precious metals gold (GLD) and silver (SLV) are hard to chase after such a big run over the last month, but look to be building constructive patterns once more. Gold rebounded from yesterday's selling and is right back up near pivot highs.
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 AAPL, FB, GOOG, MCP, LNKD, MSFT, XLF. Short SPY.
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