Big Tech Piggy Banks

Stocks have been acting downright frisky since the mini-banking crisis earlier this month. If you expected to see investors take a little breather, make sure the coast was clear before piling money back into the market, well, I’m with you. I wasn’t eager to jump into stocks the Fed and Treasury Department was scrambling to prevent a full-on banking meltdown.

Tomorrow’s Trading Plan

Back on January 4 and January 7, I was looking at the potential for the stock market to put together a decent rally. Well here we are on January 16 and stocks have been acting downright frisky.

About that Rally…

On Wednesday, I discussed the possibility that a rally might be brewing. For Exhibit A, I pointed out that the S&P 500 held above support at 3,818 for 10 of the previous 11 days. Exhibit B was the simple observation that stock prices in general had held pretty steady, even as the newsflow leaned negative – with a downgrade for bellwether Microsoft (NASDAQ: MSFT) and negative demand news for Apple (NASDAQ: AAPL) and Tesla (NASDAQ: TSLA).