The market has traded in a tight range today and is trying to break into positive territory after a slow start. Economic news was no help to the bulls this morning but they have managed to hold down the fort despite the choppy action.
The Dow is up 11 points to 12,405 after trading to a low of 12,317. The index has held up well and is getting strong moves from Microsoft (MSFT, $24.76, up $0.57) and Tiffany (TIF, $76.00, up $5.96) today. Microsoft is up 2% after a hedge fund manager suggested Steve Ballmer should step aside while retailer Tiffany’s reported strong earnings and got a price target raise from one brokerage firm.
The S&P 500 is advancing 3 points to 1,323 and is at its highs for the day. We would like to see a close above 1,325 today.
The Nasdaq is showing a gain of 17 points to 2,778 and is leading the charge into positive territory. We would love to see a close above 2,800 today but we would settle for 2,775.
We have a lot to cover in our Members Area and have raised the stops on some of our trades to protect profits. Our Biotech plays are showing some nice pops and we want to protect profits.]]>