The question for the S&P 500 is will it simply now go sideways once again as it had two weeks ago when it needed a rest, before a new leg up? Or will there be any actual downside action coming?
A lot of "junky" type low quality stocks ran up today as traders were looking for ideas that had not already been exhausted the past month - hence you saw moves in names such as Zynga (ZNGA) (who created Farmville for Facebook) and Sears Holding (SHLD). Notice these stocks had NOT participated MUCH in the jolly times of January so hence were not extended like almost everything else out there.
Facebook (FB) jumped on an upgrade from Raymond Jaymes ahead of its earning report Wednesday:
Raymond James analyst Aaron Kessler raised his rating on the stock to outperform from market perform and set a target price of $38 a share. In a research note, Kessler said he expects Facebook to see more revenue over the next year from its mobile business and other ad formats.
Meanwhile the 3D printing stocks, which have been the market darling the past few quarters, saw serious reversals today. Note the huge volume in both.
After the bell, tech companies Yahoo (YHOO) and VMWare (VMW) reported - the market is initially treating both with very different reactions; YHOO is up 2% while cloud company VMWare is down some 15%. Other cloud based companies should get him tomorrow along with the VMW.