Markets Continued to Move Higher
Weekly Review March 15, 2013
Markets continued to move higher except for Fridays quadruple witching which gave us a sharp correction at the open. ES market auctioned down to the 49 level which was this weeks POC and then bounced back to the opening print. Since the beginning of the year we have been higher into new all time highs for the YM. The SPX is within 3 point of it’s closing high 1565 and 1571 it’s intraday high. The advance decline line has shown no divergence or over valued under valued. When ever there is any sort of pullback the market continues to buy these pullbacks. As you all know I have been getting less and less of a bull as we go higher as history has shown us the retail late comer is the one being pulled into this move and will be the one to suffer the most. Use Apple as an example at 700 now trading 440.
Speaking of Apple still looking for this to come into that 350-400 range with the next market correction. The last few earnings have not produced any surprises and really the lack of new direction and products from Apple is holding this back. Friday we closed the gap into the 442 area.
The market has been moving up on very light volume there are times during the day we will see intraday gaps in 5 min chart. Lets continue to be nimble long and at some point will get a nice short position built for a corrective move lower in the market before making new highs to 1600.
Have a great day,
Rick
