Markets again fought off early losses to close near the UNCH line exhibiting bullish traits. The Nasdaq finished higher by a slim margin thanks in part to a 13 year high put up by MSFT today. The S&P 500 fell by .3%. Professional short sellers are falling by the wayside like the art of serve and volley in tennis. It seems to becoming way to easy to just buy all dips but that is what seems to be working. If the Fed starts targeting a 6% unemployment target before tapering really happens, QE may go on for infinity and stock prices will keep inflating. Some energy leaders reported earnings today and were not well received. APC fell more than 3% undercutting its 50 day SMA in the process. SGY drilled lower, pun intended, by 8%. PXD one of the creme de la creme in the sector reversed lower after an initial pop closing near the lows for the day and 10 handles off an intraday high. Another packaging firm that reported today showed concerning signs for the economy as it is a good barometer as it services are needed more in an improving landscape. RKT fell 8% today and found support at the 200 day and round par figure. It has bounced off the 100 figure 3 times now recently on 9/30 and 10/9 being the other times. Almost like GTLS, which we discussed a few days back, has done the same with the round 100 number, but did so on 3 consecutive days.
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