S&P 500 Nears 1,100

S&P 500 Nears 1,100

1:10pm (EST) The market is surging higher today as the Dow is up 104 points to 10,100. The more important story is the S&P 500’s flirtation with 1,100. The index is currently up 10 points to 1,098 and traders are looking to push the index past last October’s lows. The S&P 500 closed at 1,114 on October 2, 2008… The Nasdaq is currently up 21 points to 2,178. Our near-term targets from Sunday night’s Weekly Wrap…”we could hit 2,275 on the Nasdaq and 1,175 for the S&P 500. For the Dow, we could see 10,300-10,400 if the rally continues… Technology earnings have come in relatively well so far with solid reports last week from Google (GOOG, $552.00, up $2.15) and Intel (INTC, $20.42, up $0.24). Of course, all eyes will be on Apple (AAPL, $188.52, up $0.47) after the bell today. I called for an Apple stock split a few weeks ago so if I’m right, you heard it here first. Oil continues to make noise as it jumped above $79 a barrel earlier today…a 2009 high. Yep, Exxon Mobil (XOM, $73.80, up $0.68) is up again. Those November 70 calls (XOMKN, $4.15, up $0.50) were at $1.50 on October 6th. Geez… I mentioned Sunday night that we would look at a Google trade and it is profiled in the 1pm update in the Members Area. We also profile another play on natural gas. Current subscribers can login now to get the updates.]]>

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