Markets finished Tuesday in decent spirits kicking off a holiday shortened week. The Nasdaq is really attempting to take back its leadership role and todays 1.2% move outdid its chief competitor S&P 500’s .6% gain by a double. Groups that behaved in fine fashion Tuesday, not retail, no pun intended, were the internet names like AAPL PCLN LNKD. Of course AAPL is the largest component of the tech benchmark at 6.6% and it rose 2%. PCLN which comprises of almost 1% of the Nasdaq had a huge day lifting by 5% reclaiming its 50 day SMA, trading above the round 1200 figure and taking out a 1237.25 double bottom pivot point in a double bottom base. That is a nice trifecta, with California Chrome looking to take the Triple Crown in Belmont two Saturdays from now. The software group which has been leveled is trying to resurrect itself. WDAY among those that are at a critical juncture here as it trades just below its 200 day SMA. It had no issues taken out the round 80 number Tuesday and was higher by 5% after last weeks 9% plus weekly thrust. In after hours the stock is well above its 200 day at 83, making the potential cup base in development very attractive. Not to be outdone are the semiconductor and biotech sectors. The SMH gained 1.4% today and is now honing in on a 46.69 flat base pivot. The IBB rose 2.6% Tuesday reclaiming its 50 day SMA. Having all these sectors compete for leadership is a good thing much like the issues the New York Mets have with their pitchers. Perhaps either Montero or Degrom will push Wheeler out of the rotation. Pitcher and sector survival of the fittest.
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