Wed, 02.16.11 11:22am EST
We were discussing the markets now with Fred and Rob at Lange Financial Services and wanted to give a brief market update of the discussion for our site visitors below.
This morning, the Dow Transports have reached a new high. This was the missing link for this rally to be confirmed, as the DOW, NASDAQ, and S&P 500 all reached the new highs of this move last week. All technical indicators, also including daily and weekly new highs and breadth figures are now all in full gear, strongly suggesting higher prices ahead. We would initiate and add to current positions on any weakness. Apple, which has been our favorite stock for over a year, continues to trade higher, up $4.90 on the day to 364.70. Our target remains $500.00 per share. Our earnings target on the S&P 500 for 2011 remains $100.00. We will review this after all the earnings are reported for the 4th quarter, and may need to adjust our S&P 500 earnings target higher at that time.