The market is up as we head into the second half of trading but has stayed in a narrow range since the open. Earnings have been good and bad while economic news has also been mixed as pending home sales came in better-than-expected, while initial jobless claims disappointed.
Initial claims jumped to 454,000 after a print of 403,000 in the prior week. The initial claims count is the highest total since October and missed expectations of 410,000. Continuing claims were 3.99 million, up from 3.90 million.
Despite the tug-of-war headlines, the market is holding up well and we are still looking for one more big push through resistance.
The Dow is currently up 16 points to 12,001 and has traded to a high of 12,019. The S&P 500 is up 2 points at 1,298 and has touched a high of 1,300.72 while the Nasdaq is up 17 points to 2,756.
We have a number of trades in our portfolio that have gotten some nice pops today. One of our current positions has hit a 100% return while another is up over 50% in 5 days. We also have some other trades that have gotten off to great starts so let’s go check the updates in our Members Area.
We will be back in the morning with a full update but stay locked and loaded. We may have another trade on the way.