We had a bit of a roller-coaster ride today. Market players looked ready to take some profits this morning as earnings kicked off, but talk about QE II bailed out the bulls once again. We have heard so much about QE II lately that you can't help but wonder how many more times talk about it can cause us to spike up, but we obviously haven't hit the limit yet.
Big-cap technology stocks led the action today, with AAPL, AMZN and GOOG doing well. The cloud-computer and storage plays also bounced, which helped the Nasdaq 100 to substantially outperform the senior indices.
Breadth ended on a strong note, but volume was down a bit. Interestingly, renewed weakness in the dollar after the Fed served up QE II again didn't help gold, which was a laggard today. Oil and other commodities did reverse, but the key leadership was in financials, with names like GS making strong moves.
INTC is out tonight, and it was 'better than expected.' Everyone is well aware of the propensity of the stock to sell off on good news, so there may be some hesitancy to chase it.
Intel often sets the tone for earnings season, so it's a very important report, but it won't settle down until sometime tomorrow, so don't jump to any quick conclusions.
long AAPL; INTC
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