The market edged higher Monday in a very quiet, low-volume session with the S&P making a new closing high at 1,808.37. Today several Fed governors delivered speeches about current monetary policy and investors tried to glean clues about when QE tapering might begin. The messages remain mixed, though, and for now most seem to expect the FOMC to put off tapering until early 2014.
Social media stocks showed relative strength today, headlined by Twitter (TWTR) which jumped 9.32%. The company revealed plans for new more targeted ads that are expected to fetch higher prices, and investors liked the sound of the news. After Friday’s reversal, Facebook (FB) was also strong with a 1.88% gain and now looks like it could continue higher out of a recently formed bull flag pattern.
Disclosure: Scott Redler is long GRPN, FB, TSLA, BIDU, AAPL, GDX, BAC. Short SPY.