Daily Wrap-up - Will Earnings from Apple Inc Help the Nasdaq Composite Secure a Breakout?

The day ends with the Dow Jones Industrial Average (DJIA) near its best levels of the day. The closing gain of 96 points was only 26 points off the highs. The S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) all finished with gains close to 1%.

The CBOE Internet Index (INX), Cyclical Index (CYC), and Semiconductor HOLDRS (SMH) led while the Regional Bank HOLDRS (RKH), Amex Biotech Index (BTK), and SPDR Homebuilders (XHB) lagged.

My midday post touched on how the Nasdaq Composite and Russell 2000 were still battling resistance. That can be seen in the daily charts below. The COMP did manage to tick to a new annual high today. Another good day would secure a breakout and it looks like Apple Inc (AAPL) could provide some help.

The company just hit the wires with earnings that have the stock bid up to 204 in after-hours action. As shown in the weekly chart below, a move to that area would put the equity in a position to hit historic highs. I will give the dust a chance to settle overnight pick up there in the morning. Have a nice evening.

Chart Courtesy of Thomson Reuters

Click here for symbol descriptions

Charts Courtesy of Thomson Reuters

Chart Courtesy of Thomson Reuters

 Email to a Friend

 Del.icio.us

 Facebook

 Reddit

 Newsvine

 Digg

 Mixx