The indexes above closed at the HOD and the NYSE, Nasdaq, and SP500 came very close. Volume increased across the board, a positive sign in an uptrending market. Energy, Metals, Gold, Insurance, and select Medicals were the positive movers today, along with big cap tech. Overall it was a very strong day and there is not a lot of negatives. Unless, you include the small blow ups today (TYC, CNXS, CUTR, etc...) in individual stocks.
Which brings me to my next point. I am seeing some charts getting too extended from their original breakout, along with more minor blowups, than I saw at the beginning of the rally. This makes me cautious on much further upside momentum; but, hey, have I not been saying this for three weeks or so.
No matter, however, you have to go with the trend and the trend is very up. So much up, in fact, that the SP600 and Nasdaq are both up over 100% since the October 2002 bottom. As long as I have charts moving up on strong volume, coming out of sound bases, I will remain bullish. Even though it feels like a pullback is needed.
All trends remain up, since 2002.
New Swing Longs: CPN GOLD NATR GRS GSX ESMC
Swing Longs Outperforming Market (up over 5%): ENG VLFG PWEI TLF BMD CWTR COGT PANL BCON MCEL AMED
New Swing Shorts: IWA MGAM MAS
Aloha!
1 comment:
cpn got crushed today with their horrible earnings, but had a nice rally up from the low to 3.6 with tons of volume.
Was a fun stock to play today, but not a fun stock to hold right now
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