Markets were slightly bifurcated today with the Nasdaq on the back on AAPL’s 1.3% move higher rose .4% while the S&P 500 fell .15%. For the week heading into Friday the Nasdaq is up .6% and the S&P 500 is flat. The Nasdaq was lifted by some software and semiconductor names as well, not surprisingly the strongest sub sectors within tech. CRM blasted above a 64.84 cup base trigger jumping 11% Thursday after releasing numbers. The stock was on a 3 week winning streak coming into this week up 12.5%, and looks assured of a fourth weekly gain up 10% this week. AVGO exploded higher by 14.7% after reporting earnings, its third consecutive advance following a report. Previously it had risen 8.3 and 7.5% on 12/4 and 8/29. Weighing on the S&P 500 relatively speaking compared to the Nasdaq was the collapse in crude prices. It was a shame as some names had reported earnings Wednesday and responded very well. Stocks like CLR and SM gained some nice momentum Wednesday up 5.1 and 14.5% before being slapped back down today. What made it more disappointing was the fact that the group was acting well, not going lower, on crude slips earlier this year and that narrative seemed to change very rapidly today. No one said it was easy.
This article requires a Chartsmarter membership. Please click here to join.