Thursday Market Wrap

{+++} The market had a nice day until about 2:30 when things started to sell off as traders took profits.  All in, it was a decent day with some good action. The S&P also came within about 4-5 points of all time highs again.  The S&P was cruising near its highs before a late afternoon headline from German Handelsblatt cited a confidential Bundesbank opinion paper, which strongly opposed the European Central Bank’s implementation of Outright Monetary Transactions. Europe tries so hard to screw up our party. Non event in my book.

From yesterday to today about 250 companies have reported earnings. Tomorrow, first-quarter advance GDP will be reported at 8:30 ET while the final April Michigan Sentiment Survey will be released at 9:55 ET.

The market shows no signs of letting up yet, and it continues to try and chip its way higher. AAPL isn’t out of the woods yet, and I see a bear flag on the daily chart. It will need to close above 422 level for it to be even remotely bullish again. In the meantime it could still retest lower levels.

The financials (XLF) quietly went ahead and made new highs for the year today. Energy stocks (XLE) also have put in a great rebound rally over the last couple of weeks.

It’s a bull market, so things don’t stay down for long.

Have a great night, I’ll see you in the morning. As always, check the P&L for any adjustments.

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