After the first hour and a half of poor market action, stocks shook off bad news out of North Korea and higher oil prices to finish with gains, on a day where the bond market was closed in honor of Columbus Day.
At the close the SP 600 led the way with a .7% gain, the tech laden Nasdaq followed with a .5% gain, the SP 500 rose .08%, and the Dow Jones Industrial Average rose .06%. For the fourth day in a row, leading stocks led with the SP 600 with a .7% gain. That is what you want to see in a good uptrending market.
Volume was much lower on both the NYSE and the Nasdaq as the bond market was closed for Columbus Day (Federal holiday). So it wasn't necessarily a lack of institutional investors bidding up stocks as much as some important market participants were not at the office today.
Breadth was positive on the NYSE by a 9-to-7 margin and positive on the Nasdaq by a 8-to-7 margin.
Tech, small caps, and leading stocks led to the upside, again today, over big caps and value stocks. Biotech, Retail, and Banks all joined the rally along with some ex-leaders in the Steel and Metals sectors.
The higher stock prices, after the news of North Korea'’s nuclear test, shows that stocks have priced in the lunacy of Kim Jong Il. Remember, back on the Fourth of July when he shot off some missiles then. Well the market obviously knew that wouldn'’t be the last we would hear from him. So I would take today's action as positive overall.
However, I think focusing on this horrible sex scandal over the threat from North Korea is one of the most irresponsible things the media can do. In saying that I can't remember the last time journalist really did anything to change the course of history for the better anyways. The lack of professionalism from the current liberal media (ABC NBC CBS CNN PBS) is beyond repair. I am sure there are more bombshells to come so they can try to steal the election in November. Whatever it is, you can guarantee, the leader of Iran will be smiling all the way to the nuclear silo. I am sure votes are more important than coming together to confront real evil.
Despite all the talk of an upcoming recession and all the bears out there, stocks keep on going higher. That is all that my bank account cares about NOW. What are stocks doing now? How much money am I making now? Not how much can I make "if" this happens.
Until the bears actually get control of the indexes and start to take them down on volume, you are still fooling yourself if you are denying this trend. There are too many stocks making your bearish arguments look foolish. Let me help you bears out.
I will tell you when to get bearish like I have been doing since I started this blog in March of 2005.
It is still a market for the bulls. Just look at all my recent longs and all the pretty charts out there. Facts and reality say if you want to make money now you do it on the bull side not the downside. The downside will come back into vogue when the market averages cooperate and start moving down. Until then you are playing the suckers game bears. Hope!
I will see you at Investors Paradise. Have a great night!
New Swing Longs: VOCS NUVO QD
Adding To Current Holdings: CACB SMP PCTI
New Swing Shorts: NONE
Longs Outperforming: HSR-26 ZONS-58 INPH-66 XING-31 IIVI-28 SYKE-41 MWRK-34 STEC-39 INWK AOB SYX EVR UAHC ORB BMC CACB IMKTA ROG BONT RICK CPAK TDY SIMG FTEK DKS MPW FORR DLA ISE SEIC NITE TRAD HRZ LINTA SIMO AHS SMSC LMT HCSG LTM CGX IMA DECK PERY PSYS CAB WEBX PSPT INAP KBAY PRFT DIVX CHINA DIOD DUCK ABCB ISYS CVLT OMTR SMP PCTI BRLC RWT ASML HB ZILG
Shorts Outperforming: HYDL-25 WTI KMP KMR IXC ARLP ASA SM MDG TDW ATPG
Stocks On Radar: CME TZOO BAMM TCHC ITG WSTG BRT VLLY PKE KSW BARE ISIS NABI GLDN GHCI ENZ RESP SY HAS BDOG GTSI
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