Gathering Steam
S&Ps were able to gather steam this morning, trading higher as the Nasdaq and the Dow also moved upward. At mid-day, S&Ps trading at 1334, just off the intraday session high of 1335, as the market struggled at higher levels in the later morning.
Little follow-through seen at the highs, and most of the action at these levels was Local-driven.
The key for the S&Ps was the move over 1328. Also helping this market was the upward move by all three major indices.
We’d be very cautious of buying at the highs, especially given the sagging activity at these levels. Rather, a better strategy might to to buy the dips when they occur.
As we stated this morning,
(
CIEN |
Quote |
Chart |
News |
PowerRating) boosted the NASDAQ, which neared our 2425 upside target but failed to go higher. Holding above 2400 at 2415.