“Many S&P industries are performing poorly, but outsized gains in tech stocks are making the market look better than the underlying trends reveal, TradingAnalysis.com founder Todd Gordon told CNBC on Tuesday,” Matthew J. Belvedere reports for CNBC.
“The S&P 500 index and the Nasdaq composite on Monday closed at record highs, while the Dow Jones industrial average broke a four-session losing streak and rose to within less than 1 percent of an all-time high,” Belvedere reports. “‘If you look outside of tech… transports are lagging, small caps have been well off. There’s just a lot of just down S&P industries,’ argued Gordon, who has a background in technical analysis. ‘Energy stocks … [and] financial stocks are underperforming.'”
Belvedere reports, “For bulls playing the indexes, he said, ‘Thank God for Apple, Amazon and Facebook.'”
Read more in the full article here.
MacDailyNews Take: The tech engine, led by Apple, is certainly displaying a lot of horsepower.