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MARKET WRAP UP 01/10/11
After another morning gap down, the spirited dip-buyers arrived once again, as the S&P 500 closed down just 0.14% to 1269. We continue to see the 1262 area act as a key support zone, with 1276 above serving as resistance. Overall, today was a rather slow day of trading, with not much momentum of which to speak. Despite AAPL printing all-time highs (Disclosure–I am long AAPL), it was tough to get excited about aggressively buying or shorting any areas of the market in particular.
The AA earnings tonight kicks off another round of nightly news over the next few weeks. That old phrase of “buy the rumor, sell the news,” is sure to be tossed around. Indeed, many stocks have seen a tremendous run up over the past few months. Of course, the reason as to why they have marched higher is something with which the financial news media is perpetually fascinated. From my vantage point, the importance of the underlying reasons for stocks moving higher is significantly outweighed by the actual price action and volume. After all, the big funds ultimately control the direction of the market. Whether they view a given earnings report as a catalyst to sell, or an excuse to take profits on even a pretty good report, is irrelevant to me.
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