While yesterday was a solid day for equities all around it is Intel (INTC) that still concerns me…and of course this morning it cut third quarter sales forecast. The stock remains completely diverging from major averages.
The rest of equities look good, the Russell 2000 breaking out of a consolidation phase, although not at the highs for 2012 yet.
The S&P 500 did make a new high for 2012 and is only 8 points away from our 1440 upside target we’ve mentioned for weeks.
Overall yesterday’s setup does make it a little saver to buy stocks but a) we are close to the 1440 target and b) we’ve had a good run since June 4th so a pullback soonish is entirely envisionable.