The market gapped up big Monday but was quiet during the session. Recently, the market has been very headline-driven, and at the moment the headlines have been tame enough to let the market bounce a bit. The nuclear crisis in Japan appears to be stabilizing, a US-led coalition is putting its foot down in Libya, and a proposed AT&T-T-Mobile merger added to the bullish sentiment on Wall Street before the open today.
After coming into a significant resistance zone today around 1300 in the S&P, the question now is how much juice does this market have? It feels like the market still wants to go higher and investors feel more comfortable buying this dip, but there are still significant issues the world needs to sort through. For the time being, though, the market and its leading stocks are starting to repair and act more healthy. Apple Inc. (AAPL) closed 2.6% higher today, and several of its big cap tech colleagues also performed well.
For more market and stock commentary, watch T3Live.com’s Morning Call with Scott Redler below.
*DISCLOSURE: Scott is long JDSU, NYX, GLD, LVS, SLV, F, BAC; Short SPY.
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