Stock rotation continues
The rotation out of the tech heavy NASDAQ index and into the recovery Dow industrial average continues.
The NASDAQ is modestly positive on the day by about 17 points or 0.13% at 12937.36 (in a very volatile up and down trading).
The Dow industrial average is more steady and higher by over 1%. Currently the index is up 324 points or 1.03% at 31822.02.
The S&P index is between the 2. It currently is up 25 points or 0.65% at 3867.
The Dow is being led by Disney which is trading up 3.4% at 196,000 $0.47. Cisco is up 2.83%. Visa is up 2.7% and Merck and DuPont are up 2.09% and 2.0% respectively. Apple is the worst performer in the Dow 30 at -2.28% followed by Walmart at -0.42%. The Dow is still below its all-time high price of 32009, but is much closer than the NASDAQ index. The high price for the NASDAQ today has reached 12985.969. It's all time high price from February was at 14175.120.
Technically for the NASDAQ index, the price moved below its 100 day moving average both on Thursday and Friday, but could not stay below and closed above the moving average on each
day. The 100 day moving average is currently at 12640.87. The low today was well above that level at 12808.93.
The next target for the NASDAQ would be the 50 day moving average at 13344.23. Getting above that moving average is required for the buyers to take back more control.
