Morning Report – April 29, 2014
At the end of a wildly volatile day, the major indexes ended positive with the exception of the NASDAQ Composite, the small cap indexes and the SOX. Anyone who caught a glimpse of closing prices only did not experience, or see the rejection of lower prices by the bulls. The Canary stocks, with the exception of AAPL, continued to see profit taking, and GOOD did manage to hammer out a short term bottom. The short term trends remain down on all of these stocks other than AAPL which broke past short term resistance yesterday. AAPL is being helped by earnings, and upcoming dividend, the 7 to 1 split, and of course, short covering.
Fear was rampant yesterday, especially in some of the large tech stocks, but at the end of the day, the Bulls defended the 4000 level once again in the NASDAQ Composite. The low for the day was 4014.16, and before the reversal, it looked like 4000 would be taken out. Volume was heavy as fear dominated as the former leaders were being dumped. Read Full Report