Oh what a day of frustration, especially after Friday’s boring and messed up trading afternoon. I am completely fed up with the recent action but today I think the market got the spark that it needs to get the next let higher.
1) After the close today Texas Instruments (TXN) agreed to buy National Semiconductor (NSM) for $25 a sharem roughly a 71% premium over the closing price. Ahhh the sound of cheap money being put to work and the most important spark the Naz needs to get going. Technically I have felt the Nasdaq has a good strong move in it and with semiconductors being a large part of this index, there should be a nice tailwind into tomorrow and beyond. Watch 2380 as important resistance.
2) AAPL stock has performed very poorly these last two days, but held a nice level of support today, $338.50 and finished the day $3 above that level.
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