MLR - Premarket Pulse September 19, 2012
So far the market has spent the week consolidating its sharp gains from the first half of September as it pulls back and holds in a tight two-day range. Volume pcked up yesterday compared to Monday's light trading as a result of the Jewish holiday, but so far the pullback appears normal and likely necessary if the market is going to be able to push higher from last week's highs.
Gold and silver also remain in tight ranges over the past four days in the face of a bouncing U.S. dollarr. While the metals could stage a normal pullback, over the past couple of days such pullbacks have not lasted very long, and the bottom lline for the precious metals is that their uptrends remain intact for now.
Apple (AAPL) has pushed through the 700 price level as buying volume begins to come in at below-average. Without big buying interest it is not clear whether the stock can move significantly past the 700 level or whether this will act as some sort of short-term psychological resistance level. Aside from that the action in individual stocks remains relatively quiet as most leading issue pullback and/or remain within short consolidatons following prior breakouts or moves into extended positions.
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