The Global Growth Slowdown Narrative Falls Off Track As Bulls Take Over

S&P 500 (SPY)

Stocks continued to rise on April 3, although well off their highs. Still, it was respectable showing especially given the giant gap-fill the market performed mid-day. It would have been easy for the bears to take control around 3 PM and push for a sharp decline. Instead, the uptrend held and shares managed to finish up over 20 bps.

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S&P 500, spx

Russell 2000 (RUT)

The Russell 2000 is also pushing for a break out as it challenges resistance at 1,562. However, there is a nice uptrend in the Russell, and I think this index continues to move higher towards 1590.

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russell 2000

Chips

It is hard to imagine; the PHLX Semiconductor index (SOX ) was at an all-time high today briefly. What does that tell you about slowing global growth? Maybe that the slowing narrative is over. Yeah. I’d say so.

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sox

Technology (XLK)

The technology XLK ETF is also at an all-time high.

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technology, xlk

Apple (AAPL)

Apple continues to rise, and the stock appears to be breaking out again. Is $209 on the table? It sure looks like it.

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apple, aapl

Facebook (FB)

So did Facebook break out or not? It is a good question. I thought it had when it was trading at $177, but then all of those gains disappeared, and the stock finished lower. But what was resistance at $173 becomes support, and for now, support is holding at $173, which would seem to suggest the stock broke out. I guess we will find out tomorrow.

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facebook, fb

AMD (AMD)

AMD had that big break out today and soared to nearly $30, above the $29.40 I was looking for. Now, where does it go? Good question. The way this stock trades I wouldn’t be surprised for the stock to pull back to the uptrend around $26.50.

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amd