Market Wrap for 12/17/12


The market woke up today as the S&P held its daily 20 day moving average support and popped. Apple made a bit of  move, but after all the technical damage, it probably wont be meaningful unless it can go sideways tomorrow or put in a higher follow through day tomorrow.

The financials led and look higher, although the XLF is pretty close to some daily resistance around 16.45, just 10 cents away.

The market got a boost today as the Republicans seemed to give a bit on tax increases. The Dems are no where yet on cuts in entitlement spending , but the market took this as “start” in the discussions. We’ll see.

Google popped nicely today, and god forbid Apple could continue higher because this tape could really rip higher.

There aren’t any new names tonight, but please check the P&L for any changes if you are following at home.

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