Two days ago, the market had a huge day, a huge "Santa Claus rally." Yesterday, the market paused, but not by much. Again, we're seeing a "risk-on, risk-off" push/pull, much of it predicated on whether there will be a larger stimulus package before the end of the year (that would be tomorrow).
Overnight, futures for the major indices were up slightly. The Dow pretty much hovered around 75 points on the upside during the night. Now, this morning about 5:00 a.m. CT, the Dow took a major jump, up 115 points in pre-market trading.
At the same time:
- S&P 500: up 16 points;
- NASDAQ: up 50 points;
Most interesting for me, for multiple reasons: AAPL.
The buy point for many is $138/share AAPL. Two days ago it hit $138.79, only to drop back slightly yesterday. Right now, AAPL, in pre-market trading is up slightly.
Later, mid-morning: market up nicely today but AAPL down, although it's recovering a bit. Still slightly negative after a negative day yesterday. Trading at $134. This suggests to me folks are taking profits in AAPL and buying in other sectors.
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