The Bears Keep Trying
There was an impressive bounce after a very weak open and the market even managed to close strongly, though not quite at the highs. Late news from Apple (AAPL) about its plan to distribute some of its massive cash holdings helped hold the market up late in the day.
Despite the bounce, breadth was weak and plenty of stocks struggled. What was most impressive about the action, though, was the large number of stocks that hit new 12-month highs. About 350 stocks hit highs and only about 25 were at the lows. Many of the stocks hitting new highs are doing so with vigor, and the hot money is still eager to chase. It isn't all small-caps, either: American Express (AXP), Google (GOOG), Citigroup (C), FedEx (FDX) and Schwab (SCHW) are on the new highs list as well....153 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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