9:00am (EST)
The bulls got sweet news on Wednesday following a good PMI reading out of China and optimism that progress was being made (again) in Greece’s debt talks. Also in the headlines were Germany’s manufacturing activity numbers which expanded for the first time in 6 months and FaceBook’s upcoming IPO (Initial Public Offering) which could fetch upwards of $5 billion.
The Dow gained 84 points, or 0.7%, to finish at 12,716. The blue-chips traded up to a high of 12,784 and fell just short of our 12,800 target.
The S&P added a dozen points, or 0.9%, to close at 1,324. The index traded to a peak of 1,330 and closed just outside of our 1,325-1,350 zone. We continue to say a break above the upper-end of resistance could carry the S&P to 1,375-1,400 over the near-term before we get the pullback in February.
The Nasdaq was higher by 35 points, or 1.2%, and settled at 2,848. Tech traded to a high of 2,855 and we said to watch for a run to 2,887 which is the 52-week high. We have been on record since November saying the Nasdaq could make a run to 3,000 and we would love to see it.
We are expecting another busy day today as we have 4 NEW TRADES for our Weekly Wrap and we may be busy with the Daily as we have a few profitable positions we may have to lock in profits. The Weekly Wrap trades should be released by 10am (EST) and the any other Trades Alerts could come out at any time before our midday update.
As we head to press, futures are showing a slightly higher open and like this: Dow (+7), S&P (+1), Nasdaq (+2).
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