US markets finished mixed again Tuesday, avoiding losses across the board thanks to a late-afternoon rally. The Dow dropped 0.24% but the Nasdaq and and S&P eked out gains of 0.21% and 0.09%, respectively. European headlines continue to weigh down world markets amid reports that a Spanish aid request is not close.
Healthcare stocks were the top performers on the day, especially biotech stocks Amgen (NASDAQ:AMGN) and Gilead (NASDAQ:GILD) which surged 1.5% and 2.5%, respectively. The telecom sector was also strong amid M&A speculation, with MetroPCS (NYSE:PCS) the big winner up 17.8%.
Apple (NASDAQ:AAPL), after early morning weakness, faded most of the day until the last hour. We had been targeting the 50-day MA as a likely destination for a pull-in, and AAPL kissed perfectly off that level today. AAPL actually closed back above yesterday’s low, and could bounce back up into its 21-day in the short-term. Today’s high and low are your new short-term references to trade against.
Google (NASDAQ:GOOG) continues to hold up best among the tech leaders, and only fell down into its 8-day MA for the first time in more than two weeks. The fact that GOOG held that 8-day MA level can keep the speed of the rally intact, but don’t get greedy after a big run over the last few months.
Disclosure: Scott Redler is long FB, AAPL. Short SPY.