The major market averages scored nice gains today on a broad rally. All indexes rallied 1% or more, on an increase in volume--SOX 4.2%, NAS100 1.9%, SP600 1.8%, SP400 1.6%, Nas 1.5%, SP500 1.2%. The increase in volume, along with a lot of indexes making new highs, erases all doubt that the market was in trouble with the previous minor distribution days the past three days. Breadth was 11-5 on Nasdaq and 10-3 on NYSE, telling the tale of broad strength.
What I found most impressive about todays rally to new year highs on the Nasdaq and Nasdaq 100 was that it started with a breakaway gap in the morning, stayed in a solid uptrend all day, closed near the highs of the day, and did it on an increase in volume. Very bullish. The SP 400, 600 and NYSE closed at all-time highs today, the Nasdaq and Nasdaq 100 closed at new yearly highs, and the SOX closed at 17 month highs. Also, very bullish.
All the breakouts, big gains, and everything rising all over the place can only mean momentum is completely on the bulls side. All but a handful of industry groups rose today, showing that the broad strength squeezed shorts everywhere. No sector was safe for the bears to raid. They (institutions) took them all up, squeezing "the haters and non believers."
Today was the best day I have personally ever had in terms of percent gain and percent of stocks up. If this is a start to another leg of the Oct 2002 bull market, it is going to be a good end to a very good year. I have never owned so many stocks in my life. I don't like it but my style has evolved to this. But if I was trading in 1985 when there was less volume on the market I would have it much easie.................oh wait a minute, I would not of had a computer then and the software would have cost a fortune.
We are so blessed things like IBD, TCNet, and the Internet is around and we get to live to see this technology come about. A very cool time to be alive my friends. And a very bullish time too. Twenty years ago I could not have made a blog or invested in stocks for my future; now I can. Amazingly SICK my friends!!!
New Swing Longs: ASTE FSL HOMS SSTI MXWL PPCO KOPN ROK SRA DSGX APLX MFW
Longs Outperforming Market: BMD-296% NDAQ-277% ASF-168% RBAK-98% GMXR-98% RTSX-95% MFLX-94% BBD-91% SIRF-85% ASGN-79% RES-77% ANAD-76% WIRE-71% EMKR-70% ACR-68% THOR-66% MSCC-63% SUPX-61% CVO-55% AAPL-53% OXPS-45% IIJI-44% SRLS-43% BNT-40% EAGL-37% CPTS-37% MIDD-34% PYX-32% AKAM-31% NUHC-30% VGZ-30% MCX-29% TRAD-28% NSM-28% LDSH-25% CNET-25% ZEUS TIII JDSU TSCM SMSC SCUR AMED ASVI MNST LIFE CMTL SIGI JBL GOL RVSN LCAV SAY SLW AH CKFR VAS KEX MINI ASPM PAYX VIGN BBBB ANST LOGI AUY MNG RTK GRS BGC ARXX AXE LEXR SBAC UBS LWSN CNXT ACTG ARS CAMD RNOW TNOX KPA MRGE CLZR HAIN LCRD MRB UIC TOMO
New Swing Shorts: NONE
Shorts Outperforming Market: APPX
Stocks On Radar Screen: TOD CNTF ZVXI CDI CPL
4 comments:
i enjoy your BLOG. was wondering when you list the "new swing longs" does that mean you buy all of them or are those just the ones that meet your breakout criteria and you chose among those. thanks (ps- surfing is fun but have you ever tried kiteboarding. best sport i've ever done)
I noticed that you used to be short on SMTC, but I didn't see where you closed the position. Do you have any thoughts about it's recent spike on a mediocre CC?
Shane, I have already descibed in my comments how I close positions. You can look it up on the Google search of this blog.
Also, I would never have time to post all sells, since I partial out.
The only way I would post all my sells is if I was compensated for doing it. It is too much work not to be paid for.
Read the investors corner in IBD on selling, to understand where I why I would sell.
New swing longs refer to positions I will buy in the morning at the opening bell. some will be market, some limit, and some both market and limit. The IBD quality stocks, if they breakout intraday, I will buy right at the pivot. But I never buy, intraday, speculative longs that appear on my scans.
Search this blog with google to find read how I buy stocks.
I would LOVE kiteboarding. As soon as I meet a friend that does that and is willing to teach me the ropes, I am game.
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