Overseas tail-wagging strength and likely expiration-related momentum find bulls making it a non-humping ninth-in-a-row. As of 11:15 ET the S&P500 (SPY) is continues its scratching and prodding higher theme of late with gains of 0.60%.
Fresh fact finding in Wednesday's session has once more been a mixed one but that hasn't stopped the bulls from pushing their way higher. However, outside of what the broader averages suggest investors continue to do, there seems to be more and more evidence of a little something for everyone.
For the bulls enjoying the comfort of a good story to stoke their fancy and not inflation, core CPI data came in spot on with analyst views of 0.1% and flat with July's reading.
Separately, a report on Industrial production and capacity utilization data showed stronger-than-expected widgets being rolled out. An increase of 0.8% versus views of 0.6% was announced, while the needed resources to crank 'em out, remain subdued/ albeit at slightly higher levels of 69.6%.
Elsewhere and promoting Wednesday's bull, Cramer's Mad Money show spotlighted shares of NASDAQ heavyweight Apple (AAPL) and fellow index member, global printed circuit board manufacturer Flextronics. As for one of Wall and Main's favorite tech toys, Apple was raised by the House of Cramer to a price target of $264.
"The raise" is a hefty one from $200 a share. Well, according to his records that are nestled somewhere on the soundstage of the CNBC studios and deep beneath his other zillion "recs and wrecks."
Nonetheless, in doing the proverbial homework Dr. Cramer surmised FASB accounting changes could have a positive impact on recognized revenues and profits going forward. For their part, traders other than simply Cramerville are in on the act as shares trade up 3.50% at 181.50 and hitting fresh year-to-date highs.
As for Flextronics (FLEX) it's also enjoying a nice move off the "Buy, Buy, Buy!" sponsorship from last night's show. Shares are up 8.00% near 7.50 as traders embrace items such as a strong utilization rate, reduced inventories, attractive margin levels for higher-end products and apparently relief the stock is aligned with an ever-extended bull by trading equally-well over its 50-Day MA.
Elsewhere and not aligning or helping extend Wednesday's bull, shares of Oracle (ORCL) are shedding nearly 3% in front of the week's most closely-watched earnings report. Analysts expect Oracle to post a slight profit increase of a penny with earnings of $0.30 when it releases its results this evening.
Technically, the decline in shares puts a little bit of a ding in the prior week's breakout attempt from a nicely-shaped weekly cup-with-handle that extends back to last August. With ORCL changing hands at 22, the stock is below the sometimes coveted "proper buy point" of 22.57 by about 3%.
On the option side and for bulls wanting to pay-to-play in front of the report, premiums are bid strongly across-the-board with particularly, "rip up" risk in the September contract with just two days left. Volume is heavier-than-normal and buyer's apparent, but lacking concentrated heat-seeking action that's going to muster up any "I told you so" armchair style responses at Fast Money later this evening.
Chris Tyler
Senior Staff Writer & Options Strategist
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