PLEASE NOTE – Data is not updating for Stockcharts.com today so we cannot post our daily charts. So in a way this is interesting as you will get to view the market as 90% of people do – without the benefit of charts.
June 10th, 2014 – DATAFEED UNAVAILABLE Our datafeed failed this morning and we are unable to provide updated charts at this time.
The action continues to be very strong. Markets are working off overbought conditions by just marking time in a small range rather than any meaningful pullback so one can continue to look for opportunities in ETFs or stocks. The S&P 500 fell fractionally (0.02%) while the NASDAQ added 0.04%. Both indexes were down more substantially early but dip buyers have been very aggressive for 2+ weeks now. Economic data remains light and of the variety that doesn’t move markets much like we saw last week with the ISM data and employment numbers.
This is the 3rd day of the S&P 500 above the upper end of a long range trendline so if it simply holds up here it could be a situation it uses that trendline as support rather than as a resistance go forward.
Facebook (FB) and Ebay (EBAY) were in the news as news late Monday hit that David Marcus, who has led eBay’s fast-growing payments unit PayPal for the past two years, will step down this month to run Facebook’s messaging products. Ebay fell 2.7% while Facebook rose 4.6%.
Often when one name in a “loose group” moves people pile into others, which is what happened with LinkedIn (LNKD) as it rose 4.7%.
In the travel space, Chinese travel agency Ctrip.com (CTRP) has an excellent chart that had a nice 3.1% move – maybe we’ll look at it later this week.
As risk tolerance increases we are beginning to see a lot of Chinese names begin to move – search engine giant Baidu.com (BIDU) also rallied 2.65% today.
Vipshop Holdings (VIPS) is another such popular name that held up quite well for a Chinese stock during the correction and broke out nicely the past 3 days; it added 2.4% today.
Sorry for the lack of charts, I am sure Stockcharts is working diligently to get their feed back and we’ll have our charts available for you tomorrow.