The stock market rally continued Wednesday as the Nasdaq composite and S&P 500 gapped up to new highs. The Dow Jones Industrial Average lagged a bit despite a bullish move upward for Apple stock.
Ken Shreve for Investor’s Business Daily:
The stock market continues to perform well despite five distribution days for the S&P 500. That might seem like a high distribution day count, but only one of the days had the feel of true institutional selling. That’s when the S&P 500 slumped 1.5% in higher volume on Jan. 4.
Inside the Dow Jones, Apple shares jumped 3% ahead of next week’s earnings report. Results are due Wednesday [January 27th] after the close. Apple still boasts a strong technical picture as it sits just below an alternate entry of 138.89, 10 cents above its Dec. 29 intraday high.
Microsoft (MSFT) gapped above its 50-day moving average, rising nearly 4%. It’s in position for a breakout try over a 227.28 buy point. It also reports earnings next week, with results due Tuesday after the close.
Apple and Microsoft are Leaderboard stocks.
MacDailyNews Take: Onward, Cupertino soldiers!
Apple stock will need to continue this bullish upward trajectory in order to eclipse its all-time high of $138.79 set on December 29, 2020.
In sheer relief, the stock market, ordinary citizens of America and worldwide, look forward to rebuilding a peaceful coalition of common goals.
Let’s hope it is as boringly bland as the last was poisonously ugly.
The Trumperbots are m.I.a
While Illegitimate Biden was attending ceremonies yesterday, over 8,000 Americans died of COVID-19 on his watch.
Hey Dem/Lib/Progs, am I doing it right? I’m new to this.
Apple was up $4.20 in Biden’s first half day in office and up another $4.84 on his second day. That’s a 7% increase in just two days. Gotta love the Biden Bump!