The major indices closed near the flat line today with the Dow down 1 point and the NASDAQ and S&P 500 both gaining 2 points. This is after 1% sell-off to begin the session, followed by a rally after better than expected housing numbers were released. The bulls could not hold onto the gains, but overall the rebound off the lows keeps the strong bull trend intact.
Oil Falls - The price of oil fell by $1.21 or 1.1% to $108.56 barrel, breaking a 7-session winning streak for the Black Gold. The recent high was the best level in 9 months as supply concerns over Iran and the rest of the Middle East hang over the market. Then there is demand issues as Europe avoids a disaster and growth continues around the globe. A pullback for the US Oil ETF ($USO) to the $40 area will be the next buying opportunity ($41.25 last trade).
Apple New High - The largest company in the country by market cap increased its size today as it traded up to $525. The gain for 2012 now stands at 29%, easily beating the major indices. I would not be a buyer today as the stop is overextended in the short-term. On the flip side, trying to short $AAPL has not been a good idea for years and probably not the best move at this time.
2 New Favorite Tech Stocks - Today marked the first time in quite some time that I decided to buy into 2 technology-related stocks in the same day. Both stocks are leaders in their respective sector and have the charts and fundamentals to back up the case for buying today. Stock #1 is my play on social media and Stock #2 is a tech stock that pays a dividend over 3%.
*Subscribers can email info@pennfinancialgroup.com for the name of the two stocks.
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