The markets finished higher on mixed trade today, with great breadth. Momentum continues to favor the bulls as once momentum starts it is hard to stop. And bullish markets once they become overbought can remain overbought. I bring this statement up because there is a lot of chat room and message board participants calling for a near term top. Uh, maybe, but I recommend those that have www.realmoney.com to read Guy Lerner's article about markets getting overbought and staying overbought. Like in 2003. Does anyone remember that year? Or is our insatiable ADD too severe to remember something that just happened two years ago? Oh yeah. It is.
There are a TON of great looking charts and longs that are acting well. Until that pattern changes I remain long in a Bull Market.
I left out a few sectors yesterday on the leadership board. Here they are:
MEDICAL-PRODUCTS
TELECOM-FIBER OPTICS
COMPUTER SOFTWARE-MEDICAL
Those combined with the sectors in my previous post show you where the REAL leadership is.
New Swing Longs: SCUR NWD TSCM KOPN MECA BWNG LIFE ACTG
Longs Outperforming Market: BOOM-282% NDAQ-229% BMD-202% DESC-140% RTSX-75% MFLX-63% ASGN-57% AOB-53% WIRE-51% SYNC-51% THOR-48% ACR-40% HITK-38% HOM CPSI ITRI BNT ALO CRED EAGL ELOS PAY MDCC FAST NMR VAS CAMP WSTC TAYC CTLM BCO IIJI TQNT ARXX ABMC FIX GAIA
New Swing Shorts: QSFT COG CMCO
Shorts Outperforming Market: ECA
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