April Webinar RegistrationApril Webinar Registration


Stock Indexes Mixed, But Apple Clears Entry

Loading the player...

U.S. stock indexes were mixed Friday, as only the Nasdaq managed a gain among the major indexes.

The Nasdaq tacked on 0.2%, while the S&P 500 and the blue chip Dow Jones industrial average fell 0.35% and almost 0.4%, respectively. The small cap S&P 600 slid 0.9%, underperforming for a third session in a row.

Volume in the stock market today was up on both major exchanges, according to preliminary data.

Apple (AAPL) broke out in initially fast turnover, but volume faded as the session progressed. Apple's cup-with-handle pattern has net accumulation within the base, which is a bullish development. This suggests there are more funds buying shares than selling shares. The base is first stage, which gives a breakout a better chance to succeed.

Quality funds adding shares in recent quarters include Fidelity Contrafund (FCNTX), Fidelity Magellan (FMAGX) and Fidelity Balanced Fund (FBALX). The overall stake for all funds increased 6% and 1% in the past two quarters.

Glaucoma treatment provider Glaukos (GKOS) added to Friday's breakout. The stock added 6% to Friday's 8% gain.

On the downside, infrastructure services provider Argan (AGX) fell 4% in fast trade.

Among IBD's 197 industry groups, medical stocks and chip stocks were showing strength. The weakest performers included oil and steel groups.

RELATED:

Financials Trade Tightly: Are They Ready To Run?

Visa, MasterCard Near Buy Ranges