An upbeat comment by the Dallas Fed head Fisher helped stocks mark gains across the board, ahead of an economic data filled week.
At the close the Nasdaq led the way with a .7% gain, the SP 500 and SP 600rallied .3%, and the DJIA rallied .2%.
Volume was higher on the Nasdaq and a tad lower on the NYSE. The volume, overall, was well below the 50 day volume average of both indexes for the second straight day.
Breadth was slightly positive on both indexes.
The biggest big-deal of the day has to deal with the Nasdaq as it is now at its highest mark since February 2001. This shows that no matter how bad it gets, the market always comes back, in time.
Today's little change on low volume really keeps everything the same as it was on Thursday and Friday. But coming up this week should be some market moving events. At least that is what we are going to hear.
Tons of economic reports are due out for traders to digest as the week goes on. PPI, retail sales, Nov. Economic Optimism Index, FOMC minutes, CPI, and Oct housing starts are just some of the fun stuff that is on tap.
This will be talked about all as market moving news. However, trust me, market participants are going to make their moves this week no matter what the data says. The data will only act as "the reason why they are moving." Journalist do not trade for a living. Why trust people that don't even put their money on the line. It is amazing that people will make investment decisions based on the news events these "journalist" report. Even though they don't trade for a living, people will invest off of their advise. Why?
Besides all of the economic reports, we have earnings from DELL HD WMT TGT HPQ and AMAT. It should be at least a busy week for the "Why did the stock do that" trader.
The bulls continue to make money in this market. There is no use fighting the trend. Until it changes, we should just invest with it and enjoy the ride. When we get some distribution days, are charts start failing, and we lack new buys then we will know for a FACT that the party is over.
Even though the markets are starting to have that overbought feeling, I still don't want to anticipate an end to this trend. I have a lot of stocks showing some very strong gains (look below--the numbers are % gains) now. The disappointment of bears and underinvested bulls missing this move might be the catalyst for further price gains. Either way, I will be ready.
Have a great day and I will see you at Investors Paradise.
New Swing Longs: RBN LRCX UAUA ANAD RIV ACP
Longs Up On The Day (non-IBD, low vol. excluded): CVO-130 PRFT-25 DIVX-30 CHINA-40 CPA-26 FTEK-38 HRZ-66 AOB-47 SVNT-53 HMSY-26 DA-51 APLX-28 PSPT-29 TYL-45 INWK-27 ISIS-36 ALTH-47 AUXL-51 SOFO-60 MEH-26 BMRN-26 REGN-47 BRLC-68 IDEV-29 LWAY ICE TCHC HRT DECK MSTR AHS VDSI RJET MVSN LMT BLUD CNH WEBX TSRA ININ SEIC PCCC ROG DKS ISE LTM BONT ULTI IAAC ICFI EVEP TRBN CVLT AXTI QD STSI RGX IFOX CKSW OMCL NEXC MRB MOS ALSK FLML SCI AOI ETR MCRS PNW MALL AFT APRO OLP
Stocks On Watchlist: WTS LQDT SAY RCRC NCR ARII CADX IPHS CYTR ITWO ONI
Cut All Losses (Disaster): TSTC
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