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S&P Once Again Flirts With All-Time Highs

Marc Sperling

The market picked up where it left off last week and looks poised once again to make a new all-time highs. At this point it feels like beating a dead horse, but the resilience of this market is truly remarkable. Two weeks ago several key sectors were breaking down and indices were breaking accelerated uptrends. Economic data both in the US and abroad has continued to break down. However, the market has shrugged off the sluggish growth readings and a dismal job market, with dovish central banking policies around the world helping to support asset prices, to put it mildly. The S&P and Dow both finished the day up 0.72% while the Nasdaq gained 0.85%.

Apple (AAPL) had another impressive day and looks to be finding its legs after an initially tepid reaction to its earnings report. The company took steps toward placating investors with a large share buyback and solid dividend increase, but very weak guidance and compressing margins still scared off many would-be buyers. However, speculation about a potential iPhone 5S is helping to energize AAPL, which finished the day up 3.10%.

Things are looking up in general for big cap tech. In a market with a lot of extended charts and seemingly overbought stocks, investors are starting to perceive value in some previously lethargic tech giants. Microsoft (MSFT) continues its torrid run, tacking on another 2.58% today.

Many stocks with heavy short interest have been squeezing over the last two weeks, with First Solar (FSLR) and Tesla (TSLA) two of the most notable names on that list. TSLA is generating considerable buzz as financial results have suddenly started to confirm the bullish narrative. The electric-car maker finished the day up another 7.30%, and is up around 45% in April. FSLR made another 52-week high intraday and finished up 3.38%.

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*DISCLOSURES: Marc Sperling is long BBRY, CMG, NFLX, CF, GS, EBAY, EXPE, FB, RAX, SNE, ANTH, VHC, PCYC, SHOS. Long calls in the following stocks: AAPL, CF, TOL, GMCR, AWAY, DDD, GNRC, VHC, FB, BBRY, ZNGA, EXPE, GS, LNKD.

Long puts in GLD. Short SPY, GLD.