Well…that was one heck of a day. Look how in one week how things changed. Last Monday, we identified a near-term high in the market. On Friday, we identified a near-term low because of the late reversal. But yesterday’s action rated a big WOW as Boeing’s action could have hurt things. Instead, BA got back 60% of the drop and the NASDAQ went nuts led by AAPL moving above a lower level range on an upgrade. It also did not hurt that MLNX was bought by NVDA…helping the SOX to a big day.
Let’s just say a break above the highs of the past two weeks will be a good thing. Watch approximately the 26,300 DOW, 2815-2817 S&P and the 76000-7650 NASDAQ. Let’s just say that the fact TECH is lighting up like a pinball machine again is a good thing. Let’s just say this is also happening while we continue to get inundated with softer numbers around the globe. Let’s just say that means the easy money continues to flow.
Did want to mention BOEING (BA) opening down $12 this morning as more decide to idle the planes until more information comes through. About 40% of the global fleet has now been grounded. We have a sneaking suspicion the FAA may be next.