Stocks Pull Back After Reaching New All-Time Highs! SPX, Nasdaq, AAPL, GOOG, MA, RHT, TSLA

 After a big pop last Wednesday on Fed's surprising "dovishness", stocks have been pulling back, consolidating.  SPX back below 1700 again.  AAPL has had a good week so far, getting a big pop on Monday on good iPhone5 sales numbers.  But, it, too, pulled back today, by 1.55%.  GOOG has dropped more than $25 so far this week.  MA has been risen non-stop, and finally pulled back 2% today.  RHT fell more than 11% yesterday on disappointing quarterly results.  TSLA has been bucking the trend, yet again; it recorded a new all-time high at $186.3 today!

The Dow fell 61.33 points; SPX slid 4.65 points; Nasdaq declined 7.16 points:

HGX (housing) was up slightly.  GLD (gold) and GDX (gold miners) both made gains.  FDX (internet) fell 1%.

SPX

SPX slid 4.65 points to close at 1692.77.  it closed below 1700.  The MACD was lower.

Nasdaq

Nasdaq fell 7.16 points to close at 3761.1.  It closed above its daily MAs.  The MACD flattened.

The market seems to be re-testing SPX 1700 again!  We might need to see a few more days of consolidation before the market gives clearer signals.  We haven't been trading much.  The pop on Wednesday was too big and too fast.  Traders mainly locked in some profits in the days after.  We have to be patient and wait to see if funds on the sideline and overtake the profit-takers.  It does seem like people that are already in the markets are not rushing to buy more at the moment.  Instead, they are locking in some gains.  This rally will have to rely on new money to push it higher, if it does go on another leg up.  Financials have pretty much trading in a range since July.  But, then again, so is just about every other major sector.  Internets have been an exception.  But, they too seems to be resting.  I think if the market gets a new leg up, it'll have to rely on some other sector(s).

Good night and HappyTrading! ™

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Posted to Ecstatic Plays on Sep 25, 2013 — 8:09 PM
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