The market continues to grind higher in 2013, with the S&P making new highs again today. After a somewhat dizzying week, at least relative to the recent lack of volatility, stocks remain firmly in an uptrend. Volume could continue to dry up the rest of the day as the Northeast US prepares for what could be a historic snowstorm in some places.
Apple (AAPL) gapped up and has continued higher during the session after the news yesterday the David Einhorn plans to sue the company to force it to return some cash to shareholders. The stock now looks poised to fill its earnings gap at some stage, and any prolonged strength from AAPL could add significant momentum to the broader market.
ExOne (XONE) became the latest 3-D printing stock to hit the public market with its IPO yesterday, and the new issue has been a rousing success. After mammoth runs by industry peers 3-D Systems (DDD) and Stratasys (SSYS) over the past couple years, demand for XONE has been through the roof so far. The IPO was priced at the top end of its $16-18 range, opened for trading above $23, and reached as high as $33.60 intraday today. If nothing else, XONE could provide another vehicle for momentum traders.
Zynga (ZNGA) has become the latest beaten down "little guy" to wake up. I have been trading it over the past month or so, and am now starting to trim some my size in the position. ZNGA is up more than 12% today.
LinkedIn (LNKD) continues to be a rockstar, extending impressively to new all-time highs today after earnings. Following another blockbuster report from the social networking company, the stock is up around 22% on the day. Good call by my colleague Scott Redler on the call spread.
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*DISCLOSURES: Marc Sperling is long LEN, XONE, AAPL, RYL, DDD, ANTH, F, ZNGA, FB, DRYS, RKUS, SSYS. VXX, GNRC, ISRG, PCLN, SHOS. Long calls in LNKD, AAPL, CMG, DECK, FB, GNRC, PANW, MLNX, VXX, LEN, GE, RYL, UA, X, ZNGA, GRPN, DRYS.
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