Market wrap for January 22, 2013
|Daily RUT inverse H&S|
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Trends like we saw today do not come every day as the fluidity of today’s tape is one that has alluded us for sometime. If you identified today’s pattern of higher highs and higher lows you were able to catch 10 points of upside in the ES_F.
Apple managed to move higher into the close trading 506.63 currently 509.10 AH as google reported and surged to 739. Also Research in Motion added 13%.
|Weekly SPX inverse H&S|
The S&P 500 SPX added 6.58 points 0.44% to close @ 1492.56 just 77.445 points away from the 1,500 metric.
The S&P was aided by a strong performance of the financials today which saw the XLF make a 3 year high of 17.36 to close @ 17.31 up 0.93 points. WFC also up their annual dividend by 14%.