With US equity markets closing early today and remaining closed for Independence Day tomorrow, we can expect a sedate start to this shortened trading week, states Ian Murphy of MurphyTrading.com.
Stocks continued their stellar performance on Friday in what must be the most unloved bounce in recent memory. Apple (AAPL) crossed the $3 trillion valuation threshold during the week meaning it is now equal to the GDP of the entire continent of Africa.
As mentioned in Friday’s note, the end to the pullback is broad-based. The renewed bullishness drove the Composite Indicator firmly back above zero as its three constituents (monthly, quarterly, and yearly new highs and lows) all turned positive.
Learn more about Ian Murphy at MurphyTrading.com.
