The market once again held a large gap up Thursday, closing right about where it opened just under the next resistance level in the SPDR S&P 500 ETF (SPY) at $134. Earnings so far have been the fuel the market needed to run back towards highs, with large cap tech leading the charge with strong reports from the likes of Intel Corporation (INTC), International Business Machines Corp. (IBM), Yahoo! Inc. (YHOO) and most notably a monster report from Apple Inc. (AAPL). The market needs leaders to really get momentum long after a long rally, and Apple is resuming that role.
Netflix, Inc. (NFLX) got that push to all-time highs we had been looking for over the past couple weeks, squeezing some of its large short interest and closing on the highs. Earnings are early next week, long-term believers may take some into the report while most active traders will take some off after a nice run. Some lagging sectors like the ags, oil servicers and clouds have started to pick up, and we will look for more from them next week.
Watch the Daily Recap with Scott Redler below.
*DISCLOSURE: Scott Redler is long AAPL, AMZN, CIGX, LVS, GLD, MGM, POT, REDF, JDSU, OIH, CIEN, CYD, BKS. Short SPY, SLV.
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