Major stock market averages played the same tune today, by doing the exact opposite of the previous day. Who didn't think we were going to be up today? The markets started the morning with a gap lower that was followed by a lower volume rally into the close. The SP 600 rose 1.2%, SP 400 was up .8%, SP 500 gained .6%, the Nasdaq was up .4%, and the Dow Jones was up .7%.
The disappointing news, however, was that volume came in lower across the board. Normally you want to see higher volume following a previous higher volume drop. Oh well, we can't have it all, I guess. Advancers beat decliners on both the NYSE and Nasdaq by a 2 to 1 margin.
The funny thing about today was the same thing last night that was supposed to hurt the market today was used as the reason why the market rose. MSFT was put into perspective and the market rallied after it realized the impact of the anouncement. LOL. That is hilarious. Once again, the truth is not what the media told you. MSFT doesn't mean anything to any real market player anymore. You want proof? MSFT closed down 2.1% today. How did the rest of the stock market do?
Despite the negative news out there, the Dow Jones and SP 600 hit 4 3/4 highs. The DJ is only 2% away from all time highs. What a terrible market (sarcasm)! With that and all the good to great looking charts I am still long, I will keep my bullish bias and let others worry for me.
Great luck tomorrow. We need it with this tape.
New Swing Longs: MS ILSE MGLN HTI SATC -- For more info on longs go to Investors Paradise and scroll down to Josh Hayes and click on 'longs.'
Adding To Long/Reestablishing Position: AIX
New Swing Shorts: NONE
Longs Outperforming Market: BOOM-383% CRDN-57% IMGC KEX-33% CYBS ASVI SLW-109% SLAB ASF-215% RAIL-71% IHS KNXA-58% WNR STMP-42% TMI-25% ARS-49% EAGL-59% DECK CHE CLZR-38% NGPS UIC-39% RMBS PKE BWLD MDCC-43% CIB-40% BGC-60% SAY-34% BBD-137% KEYS-31% PEC CTXS-35% TNOX-30% NTAP NNDS-34% SIRF-129% RSTI-28% BOT CBG-99% HEIA-31% SEAB BBC KDN SBAC-45% RATE-134% FRGB CVO-81% LCRD-92% MTU VTS MEK-49% NHWK RUTH SMSI-30% MDII LCC-93% SURG OPLK-30% GEMS ANX-51% WTSLA STKL NTO-42% CDE TXI WGRD AIX BEAS ECIL GIGM-77% TWTC-105% TMTA PWR ING-25% Q-45% MSPD-30% BFT SCVL
Shorts Outperforming Market: NONE
Stocks On Radar Screen: CBEY SMOD SEED EDGR KRY ANDS TXCC INVX GEL
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