Market Direction Intraday Comments For March 12 2013

Market Direction today so far anyway is following the outlook from yesterday’s close. The fact that the market direction push up near the closing yesterday but established just prior to the close a lower low told investors there would be weakness today. This is only natural as the market direction has been steadily climbing and now the S&P 500 is only a matter of a few points away from breaking the all-time high for the S&P.

The move lower though today is just a slow day of consolidating some gains and setting up some adjustments of existing trades for investors. Don’t forget that today the majority of stock trades are day and swing trades. Apple Stock had a great day yesterday and profit taking will be underway by short-term traders who bought shares over the last several days. The same holds true for the BlackBerry Stock holders. Yesterday was terrific on the rumor about Lenovo looking to buy out the former Research In Motion company. Personally I think anyone trying to buy out BlackBerry would be making a mistake but then I am just an investor and I have no way of knowing what the books actually show.

Market Direction and BlackBerry Stock

I do know that BlackBerry Stock is now a traders stock and certainly not for investing in my book. The 52 week high is a long way from where BlackBerry Stock use to trade and the name change from RIM to BlackBerry tells me the management is concerned and deeply worried. Name changes are a poor idea in my book when it comes to companies, but then maybe I am too “old school”.

BlackBerry Stock 3 Month Chart

BlackBerry Stock 3 Month Chart

Market Direction and Apple Stock

Meanwhile Apple Stock had a nice move higher yesterday and that assisted the market direction somewhat but overall, the severe decline in Apple Stock which originally impacted the market direction, particularly of the NASDAQ has had limited impact over the past 2 months. Right now though Apple Stock is still in trouble. It recently bounced off the support zone which sits around $418 but note how lately it has been rumor fed now bounces. Last week it was rumors about a stock split and this week it is rumors that Apple Stock will move up higher on an announcement that will be BIG, regarding the 130 plus billion Apple Stock has tucked away in their vault. When rumors become the continual basis for a stock’s move you know there is trouble.

Market Direction and Apple Stock 3 month chart

Market Direction has not been as impacted by Apple Stock as many analysts think.

Market Direction Mid-Day

The mid-day chart below of the S&P 500 set to 5 minute time chart shows the movements to 1:40. This is nothing but a bit of weakness caused by the last few days of movement up by the index and a bit of consolidating and adjusting as the S&P 500 prepares to take on the all-time high.

Market Direction Intraday March 12 2013

Market Direction Intraday March 12 2013

Market Direction Intraday Strategy Outlook for March 12 2013

Intraday then there is nothing concerning on my radar. The market direction may end up slightly or down slightly but this is simply a day of rest and adjustments. The trend is still higher in market direction and my strategy is looking for those handful of stocks on my watch list that are selling lower today and which I am looking for more put selling opportunities.

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