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MARKET WRAP UP 01/18/11
The power of the prevailing trend saw Mr. Market flex his muscles again today, as the S&P 500 brushed aside negative AAPL and C news to finish up 0.14% to 1295. While the market still has a laid back feel to it, rather than awesome momentum, it was another impressive day for the bulls nonetheless. Just when it seemed as though AAPL was on the cusp of pulling technology down, the Nasdaq Composite actually led the charge higher today.
After hours, I see that we have a mixed bag of earnings results and reactions, with IBM and WDC moving higher, while CREE is getting sold hard. AAPL is being whipped around, although the bulls look to have the edge. As we progress throughout earnings season, particularly in light of the broad market run we have seen, it is crucial to keep a close eye on all positions. Just as the market was dynamic enough to turn on a dime last September, it could just as easily take us back to the dark side with the same abruptness.
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Sold my UWM to reduce my long exposure. Hope my EPV starts moving in the right direction for a change.