By Victor Reklaitis, Investor’s Business Daily
Stocks finished mixed Monday and well off their session lows, as the Nasdaq stretched its winning streak to six straight sessions.
The Nasdaq rose 0.3% after being down as much as 0.5% intraday, leaving the tech-laden index just below its 200-day moving average. The S&P 500 lost 0.2%, while the Dow Jones industrial average shed 0.3%, after each index had been down as much as 0.8% intraday. The Dow closed back below its 200-day line and the 13,000 level.
Volume was up from Friday’s levels, but apples-to-apples comparisons aren’t possible since the market closed at 1 p.m. ET Friday.
Apple (AAPL), which accounts for 10% of the Nasdaq, moved up 3% in above-average turnover, helping to lift the tech-heavy index. It touched its best levels in nearly three weeks.
Apple is now just 1% below its 200-day line, but 5% under its 50-day line and 16% off its September high. Apple headlines on Monday were focused on the company seeking to add six more products to its patent infringement lawsuit against Samsung, along with Citi starting coverage with a buy rating.
3D Systems (DDD) surged nearly 12% in big volume. The maker of 3D printers moved back above a 44.90 cup entry after falling as much as 15% below that trigger to support near its 10-week moving average. 3D Systems is No. 1 in the latest IBD 50, but note that its recent cup base is a late-stage pattern.
On Tuesday, clothing manufacturer PVH (PVH), former leader Green Mountain Coffee Roasters (GMCR) and September IPO ADT (ADT) are among the companies slated to report quarterly earnings. The day’s economic news will include fresh figures for home prices, consumer confidence and durable goods orders.