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Market Roars to New 2012 Highs to Negate Wednesday's Sell-Off

Scott Redler
Feb 16, 2012, 5:45 PM

The market staged an impressive move to new highs for the year Thursday, rebounding from Wednesday's sell-off. Yesterday we saw what could have been a minor composure change with the first close below the 10-day moving average in eight sessions, but once again the bulls stepped in to frustrate anyone who was trying to get short this market. 


Apple (AAPL) gapped down after yesterday's big blow-off-top reversal, but rallied to help the market's cause. We could be seeing it pegged to the $500 level for OpEx. After hours, Baidu (BIDU) reported a narrow beat on EPS and revenues, and is trading higher. The stock rallied more than 4% at one point, but has come off a bit and is now just more than 1% higher than it closed.



*DISCLOSURES: Scott Redler is long SPY, OIH, QCOM, IBM, INTC, JPM. Short QQQ. 

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