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IBM Leads as Investors Hope for Apple Dividend
The markets are floating higher as IBM Corp. (IBM) leads the charge. The stock is hitting new all time highs at $198.86, +4.99 (+2.57%). This is accounting for about 20 points in the Dow Jones Industrial Average on the day. It is the biggest component and is making up a majority of the Dow move today.
In addition, the NASDAQ is leading today as all eyes are on Apple Inc. (AAPL). At 1PM ET an investor meeting will get under way. Investors are hoping the company declares a dividend. Apple makes up 20% of the NASDAQ 100. This makes any move in Apple a major market move.
The Dow Jones Industrial Average is getting very close to 13,000. As the institutions and Federal Reserve continue to push more and more people into the market, a close over 13,000 for the weekend is likely. The media would pounce on this and it would ultimately coax more investors to the long side next week. This always happens towards the end of an up cycle in the market and should be a big warning to smart traders and investors.
Gareth Soloway
InTheMoneyStocks.com
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