Nasdaq Leads This Bitcoin ETF Holds Firm; Can Apple Stock Double Again?

Investors shrugged off the 2 p.m. ET release of minutes from the Federal Reserve's Dec. 12-13 meeting that ended with a new hike in short-term interest rates. Instead, they seemed focused on deploying more capital into stocks that appear to have further upside in 2018.

XThe Nasdaq composite, a 1.5% winner on Tuesday, rose another 0.7% in late-afternoon trading on Wednesday. The S&P 500 was up 0.6%; the Dow Jones industrial average continued to lag for a second straight session, rising less than 0.3%.

Volume is rising vs. the same time Tuesday on both exchanges, a clear sign that institutions seek to continue accumulating shares.

Meanwhile, Apple (AAPL) continued its steady rise, begun when the stock showed a major change in character in January 2017. Exactly one year ago, the iPhone marketer staged a sound breakout from a first-stage cup with handle at 118.12. Since then, Apple has made at least three tests of support at its rising 50-day moving average and survived all three tests by rising into new all-time highs.

At its recent all-time high of 177.20, Apple has achieved a 50% gain since the breakout a year ago. With earnings expected to continue growing at a decent double-digit pace, there's no reason to doubt that the premier smartphone and digital device giant can continue to pad those gains.

A 100% gain from the 118.12 primary entry would send Apple to the 236 level.

Meanwhile, interest in Bitcoin appears to remain solid, even amid intensifying competition for dollars going into alternative digital currencies. The Bitcoin Investment Trust (GBTC) rallied 3% to 2,334, one day after testing support at the 2,000 level.

At 33% below its all-time peak of 3,522, the ETF is now in base-building mode.

Notice on a daily chart how Bitcoin Investment continues to keep a large air pocket above the 50-day moving average, a bullish sign. Average volume, meanwhile, continues to rise and is now at 133,000 shares a day.

Is Your Stock A True Market Leader? Use Stock Checkup To Find Out

Which Way Will The Market Go In 2018? Read This Column Each Day

Let's block ads!(Why?)

Read Again Nasdaq Leads, This Bitcoin ETF Holds Firm; Can Apple Stock Double Again? : http://ift.tt/2CkJ5Ai

Let's block ads! (Why?)