Even on the back of higher oil prices, poor durable goods numbers, and some hawkish Fed comments, the market still found a way to rise. Since CNBC told me it was because of the good housing numbers and the Dow being near new highs I will just believe them on that.
At the close the SP 600 led to the upside with a .3% gain, the Dow Jones Industrial Average followed with a .2% gain, the Nasdaq rose .1%, and the SP 500 had a slight .02% uptick.
Volume was a tad higher on the Nasdaq and on the NYSE I do not know what to believe anymore since I have conflicting data. All of the comments I made last week about the incredible volume might not have been real. Why didn’t anyone call me out until today? Odd.
The leaders today came from the Oil & Gas sector as those stocks are finally getting a bit of a rebound after a good selloff. The Biotech field also got some action today with the late good news from AMGN. I am not excited about the winners today being the OLD leaders of the past. So I am not sure in the short-term trend if we are going to have day four of gains.
I am also seeing a lot of value indexes and closed funds show up on my long scans. That along with SP 600 and Nasdaq lagging the SP 500 shows that this isn’t the bull market for the markets most exciting growth stocks. They are participating but by looking at Value indexes you can clearly see that they are the winners and will lead if this rally continues.
This is a speculators rally, without a doubt. The majority of longs tonight are very speculative but have very attractive charts. The CANSLIM stocks are still setting up, hopefully. However, I really don’t see a whole bunch. The stocks I am long already would make wonderful stocks to get again on another basing period followed by a breakout. But for now most have made moves away from the pivot points. That is good news as it means stocks are going up.
I am glad I stayed with my rules of buying all breakouts that look pretty. This has allowed me to be invested as this rally started and now that the rally might be playing out with all these new longs showing up I will be in position to take the gains and move them into better stocks as they breakout. This is IF this rally is in fact a lasting rally. Without growth leading, I still remain skeptical. But market momentum can last longer than either you or I think so it is best to stick with the trend. The trend is up.
I hope you had a fantastic day. I will see you at Investors Paradise.
New Swing Longs: CAB LINTA BRLC CCOI WSH HRZ RMTR ETR WEN PNW STZ SUMT AUXL NHP NXL PRCP BITS
New Swing Shorts: NONE
Longs Outperforming (low vol non-IBD excl): OMRI-27 INPH-32 TYL-37 MA-35 SIMG WEBX IMKTA RSTI DUCK ICE CPA PSPT SEIC NITE ORB BWP VTIV CACB SIMO BEBE TWGP DECK ABCB CGX BMR ACGL AHS BW OMTR VOLC KAD VRGY CLEC AOB IGT MNG ABI HURN TSRA CMCSA SVNT UHS DDS WGA SMP
Shorts Outperforming: DDE-25 ZRAN-32 NTE-42 IPS USU
Cover Shorts Completely: KG PTR REP DO
Stocks On Radar Screen: ASMI JSDA STKL DIVX RVBD HDIX COGO RESP CVA MTD DCI SYM
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