The market continue to close at record level and the DJIA, SP500, Nasdaq 100, Russell 2000 are holding their gains near their record high territory.
AAPL got a lift from its surprisingly strong sales of Iphone and is holding above the 438 level.
FB finally answered those that doubt it can play in the mobile arena by reporting 41% of its quarterly revenue was from mobile ads. The latest FB earnings report set its stock price to break a major resistance level near 32.50 and closed near 34 after having touched intraday near 35.
As the market hover in the overbought record high territory, AAPL & FB appear to be holding their gains. Certainly the market could pull back and consolidate the recent gains, or it can simply continue to move higher to force the doubters to chase to get in. Until the market sends its top out message, one should continue to be cautiously long.
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Disclosure: Long FB, no position in AAPL
