After tagging the big, round, psychological 2,000 level on the S&P 500 Index this morning (actually 2001.95), stocks are drifting again into the final hour of trading. We have seen this quite a bit, as you might expect during summer trading. In fact, plenty of gains have occurred overnight via gaps in the futures market.
I am sure it seems a bit “too cute” for the market to top out at 2,000. But, then again, it was also too obvious for us to bottom out in 2009 down at 666.
Either way, breakout plays like FB PCLN TWTR UA are not in much of a hurry to go anywhere today–Perhaps this is the pause before the move. And GOOG is faltering here.
The CLVS biotech idea from last night, though, is working well.
Also keep an eye on the semiconductors putting in a bearish engulfing candle at prior highs, today.
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Saw a story somewhere over the weekend that AMZN plans to compete with GOOG in ad space.
Fundamentals screaming higher for $smh