Market Update 7-26-12

Sorry I’ve been offline for a couple of days but I’m waiting for the market to stabilize before I jump back in.  The market wants to go up but it is fighting the negative news in the media about Europe.  Apple’s news about lower earnings caused a dip in the market and the lower earnings on some other key companies have caused the market to sputter as well.  Despite all of these factors the market is still trying to push upwards which shows that once we get some positive news there will be a rally.  

Walmart made an interesting move upward today as it broke through the $73 resistance that has been holding it back.  I’m going to look for a pullback tomorrow and then get in.  The break through shows that buyers are comfortable watching it going a little higher so when it pulls back I’m going to possibly build a position.  

GE has been showing a lot of strength through the recent dips in the market.  It always seems to come charging back looking to break through multiple resistance lines.  I may look to scalp some of these moves as well.

There’s just a lot of negativity floating around in the news that seems to have a big impact on the market.  Because of the many scandals (LIBOR, MF Global), the fund mismanagement (JP Morgan), and the highly visible Facebook gaffe, there is a considerable lack of confidence in the market from retail investors.  This affects the movement of stocks as well but it seems like from a general perspective most stocks want to move higher despite the bad vibes.