In the first minutes of trading today Apple (AAPL) fell to $571.91 and took off from there to close up 5.10% at $609.70. A clear indication that the shorts have been taken off and the stock can now continue to head higher into earnings, making yesterday a great day to buy the maker of the iPad and iPhone.
A reading on German economic sentiment surprised everyone coming in unexpectedly high. On top of that Spain ended up selling more treasuries in the auction today and with that strong demand the Spanish bond yield fell back below 6%.
Earnings for American companies continue to come in good beating expectations, however keep in mind the bar has been set low after revisions so now a beat on earnings is expected by many companies and coming inline with expectations could be as bad as a miss.
All three major American Indexes ended up on the day over 1.50%.
After the close Tech earnings came in. Yahoo (YHOO) came in with an earnings beat. International Business Machines (IBM) beat on profits but revenue came in short, the stock fell in after hours trading. Intel (INTC) beat estimates.
Oil and Gold both ended up on the day. Oil lifting $1.27 to $104.20 a barrel and Gold rose $1.60 to $1,65.30 a troy ounce for April delivery.
India central bank cut interest rates by 0.5% in an attempt to hedge against an economic slowdown in the country. This action caught many investors by surpass.
While we rallied today – expect more volatility in the markets as we trudge through earnings season and the ever continuing European debt crisis.
At least we don’t have to worry about the North Korean’s blowing anyone up other than themselves with their rockets… I’ve seen bottle-rockets fly further…