Tech stocks lead the way higher yet the NASDAQ struggled.
The U.S. equity markets delivered relatively widespread gains today. The move was led by the big cap stocks. Technology stocks were up, driven by gains in the semiconductor industry. That was thanks to a +9.2% surge in shares of chip giant Intel (INTC), which reported better than expected earnings last night.
Meanwhile biotechs and social media names continued to underperform following yesterday's comments from Fed Chairman Yellen. The IBB biotech ETF, BTK biotech index, and the Social Media ETF (SOCL) all closed lower today.
Did you happen to notice how the Dow Industrials and the S&P 500 both ended the session near their morning highs. Yet the NASDAQ composite and the small cap Russell 2000 both ended the session near their lows? This divergence could be a warning signal.
I would be cautious tomorrow.
We are not adding any new trading candidates tonight.