STTG Market Recap December 23, 2013

Please note due to the early holiday close tomorrow there will be no market recap Tuesday;  have a good Christmas and we will see you back here Thursday.

Stocks gapped up at the open and held gains all session as the holiday animal spirits + news Sunday that Apple finalized a deal with China Mobile to start selling iPhone 5s in the country by mid January.  The Commerce Department said consumer spending rose 0.5 percent after advancing by a revised 0.4 percent in October. It was the seventh straight month of increases and matched economists' expectations.  The Thomson Reuters/University of Michigan index on consumer sentiment came in at 82.5, unchanged from November.

Friday we noted to watch this week to see if the NASDAQ would hit the top of its year long channel as it was somewhere in the 4150 area.  Well that did not take long, obviously Apple is a massive component of the NASDAQ, but here we are - an exact touch!  Let's see if there is a pause in the action after this big run since Wednesday afternoon post 2 PM.

nasdaq

spx

Today was a day for the 'usual suspects' with a lot of institutional money sidelined, the momentum crowd heads to their favorites on most holiday weeks.  Aside from Apple (AAPL) which had news....

aapl

Facebook (FB) surged on its first day in the S&P 500...

fb

Twitter (TWTR) continued its amazing run post IPO....

twtr

Biotechs? We've been talking about them all year as the go to sector, here is the sector ETF (IBB)....

ibb

Regional banks have also had a great 2nd half of the year, here is the sector ETF (KRE)....

kre

One area that struggled in the 2nd half was the housing sector but we have seen a big move there the past few sessions and it looks like we have a new breakout from a very long base.  Here is the sector ETF (ITB)...

itb

Did you know today was the Federal Reserve's 100th birthday?