The market has been trading flat since last week’s big 2-day rally after the "fiscal cliff" was resolved. Nevertheless, investors are still finding plenty of stocks to buy. Biotechs have been pushing higher and higher. CELG is at an all-time high, trading above $92, after its CEO’s bullish guidance. ONXX gained another +3.29% today; ALXN added +2.89%; REGN popped +3.83%.
We did some quick trades today and took some nice intraday profits, including a +56% win on CF:
Going against the market was AAPL, which closed down more than $8. There has been a lot of news around HLF lately and the stock has been really volatile. Since Ackman came out to question the validity of Herbal Life’s business model, calling it a pyramid scheme, HLF fell from $45 to $25. However, today, Loeb came out to challenge that view and gave a target of $55 to $68 per share! HLF will hold an investors’ meeting tomorrow. We could see another big movement day for HLF! HLF has climbed back to about $40.
After the market, PSMT reported a strong quarter, sending its shares up +6.2%.
The Dow was up +61.66 points; SPX added +3.87 points; Nasdaq gained +14 points:
SOXX (semiconductors) was up +1.05%. BTK (biotechs) gained +0.9%. IGV (software) added +1.04%. MOO (agriculture) climbed +0.98%.
SPX added +3.87 points to close at 1461.02. The daily MAs were slightly up, while the MACD stayed flat.
Nasdaq gained +14 points to close at 3105.81. Its daily MAs and MACD were higher.
It seems like the market is waiting for WFC’s earnings report on Friday. Meanwhile, MA and V continue to make new highs. MA recorded a new all-time high at $532.39, up another +14.57. V scored its own all-time high at $162.55 and closed at $161.79, up +1.52%. So far, the market has been able to hold its multi-year high level. We’ll have to see how WFC reports on Friday.
Good night and HappyTrading! ™