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Market Still Consolidating

|Includes: AAPL, AMZN, BB, FedEx Corporation (FDX), GLD, GME, ORCL

On Tuesday, in my evening article, I said,

"We'll need to see some strength in the energy and mining stocks to push higher.  Otherwise, we may need to take a breather and consolidate."

In the past 2 days, energy and mining stocks were still lacking strength, and the broader market still appeared to be consolidating.  Gold once again pushed higher, closing above the $1270 level.  GLD recorded a new high at $124.77 today.

Last night, GME announced a $500 million share buyback program.  GME jumped over $20 intraday before settling down to close at $19.4, up +4.36%.  It looks like GME can go higher from here.  This morning, FDX reported solid earnings, but planned job cuts.  FDX shares traded down 3.75%.  AAPL continued higher on its blistering run ahead of RIMM's earnings, adding another $6.35 to close at $276.57, up +2.35%.  AMZN received a target raise to $165 today and gained +2.68.

After the market, RIMM reported a strong quarter with solid subscriber growth.  RIMM shares traded above $50 immediately after the report, from today's close of $46.49.  ORCL also delivered a good quarter earning 42 cents per share vs. the consensus of 37 cents.  ORCL shares went up +4.26% in after-hours trading.

The Dow was up +22.1 points; SPX slid 0.41 point; Nasdaq added +1.93 points:

GLD (gold) and SLV (silver) continued to glide higher.  XLF (financials) was slightly down.  SOXX (semiconductors) managed to bounce a bit.  USO (oil) lost 1.52% and OIH (oil services) fell 0.83%.  FXI (Chinese ADRs) was down 0.57%.

The charts on major indices were little changed so we'll look at them another day.  Nasdaq did manage to close above 2300.

RIMM and ORCL earnings may help the techs, but, the market may still need energy and mining stocks to push above and out of this trading range.  Financials have also been lackadaisical.  Tomorrow, the market will get the latest CPI data, and, we'll be watching gold and silver for any immediate reactions.  Gold still looks very strong and may see $1300 within a month!

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Disclosure: no position