Online Stock Trading | NASDAQ and SOX lead this market

NASDAQ and SOX lead this market


Filed Under Market Commentary |

Decent news out of the leading indicators and Philadelphia Fed helped the market higher.  The driving force today was the SOX index breaking into new 52 week high territory.  Far from a bearish sign that the Semiconductor index is rallying here.  It shows the strength of this market.  NASDAQ traded higher with volume while the S&P 500 and NYSE were higher without higher volume.

The NASDAQ clearly showing no ill effects of past distribution recovering from yesterday’s trade.  Volume ran higher as the index pushed higher by .7%.  Fueled by a rally by semiconductors the NASDAQ seemed to shrug off any potential news about rate hikes, high oil prices, or the sky is falling rhetoric from the left. 

Economic news that help support the move today was the Leading Indicators and Philadelphia Fed release.  Leading Indicators came in at .3 while the market was looking for .2.  On the other hand, Philadelphia Fed blew away its estimate of 7 coming at 18.

Will post charts later on this evening.  I can’t see how we can be picking a top here with strong volume action in the NASDAQ and the SOX breaking out.

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