The NDX-100 spiked higher at the open, reaching the 3063 level before moving downward closing 0.78% negative. The market is finding it difficult to make new highs and we maintain our short on spikes bias. It will take good economic numbers as well as solid earnings reports to keep this market moving forward. Apple reported after the bell, beating analysts expectations but fourth-quarter sales guidance fell short. Apple shares traded higher after the announcement but we will have to wait until tomorrow to see follow through. On the Energy front Oil was very volatile, WTI declined all the way to the 105.53 level only to bounce above 107 at closing remaining overbought. Bloomberg mentioned: “David Lennox, resource analyst at Australian trading firm Fat Prophets, said the price of WTI is set to correct by as much as 35 percent from current levels by the end of the year as investors realize that U.S. demand levels are not as strong as originally thought”.
Today´s Profit USD 420 (Portfolio Size: USD 25,000)
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