Stocks gained ground off of crude oil rising 2%, drifting with an upward bias on the DJ and downward bias to a green close. The gains in the face of bad news was a clear sign of just how strong this market STILL is.
At the close, the Nasdaq and the SP 500 led the way with a .9% gain, the DJIA followed with a .8% gain, and the SP 600 lagged again with a .6% gain. The IBD 100 managed to stay with the top indexes, pulling off a .9% gain. The big bopper came in the form of the Semiconductor Index. This laggard delivered a 1.9% gain.
Volume was higher on both the NYSE and the Nasdaq. It wasn't a clear very strong sign of accumulation but coming off the recent consolidation it was an accumulation day none-the-less.
Breadth was higher on both exchanges, with winners over losers by a 3-to-2 margin on the Nasdaq and by and by a 5-to-3 margin on the NYSE.
Today was a bit of a mixed day for me, despite the markets gains. I had many stocks give me partial sell signals again and still did not have too many new longs come up on my scans. A lot of stocks, on the other hand, did very well today and some of my best stocks did surprisingly very well.
This basically shows a market that is rotating around with money moving from sector to sector. I guess that is why almost everday this week in the IBD Industry Group tables the top 10 winners and losers were all over the tables.
The indexes are all still doing very well and that supports further upside for the markets despite everyone thinking we need a rest. After such a strong move this morning a lot of traders expected selling to hit the market. It didn't happen and if it did, buyers didn't let prices slip a bit.
There is nothing new about this market that I have not spoken about in the past seven post. The trend is still up and nothing is changing it yet.
Even if this is just a Santa Claus rally, I don't care. A rally is a rally, and if stocks are moving up, I want to be long. If it is the "right" rally or the "wrong" rally, I don't care. I just want to make money. And the market is still offering longs so I will keep taking them and will continue this until the market rolls over.
The only real troubling thing is that I had a lot of charts to go over tonight and could find only four or five new longs. Normally, with over 600 charts in my scan I should have 8-10 new longs. So the rally could be ready to fizzle. I don't know. Nobody does. If they say they do, they are full of shit.
Until this trend changes, I am not changing my bullish positioning. Aloha and I will see you at Investors Paradise.
New Swing Longs: DWSN AEZ HLTH WOLF JCG
Adding To Existing Long: AMSF
**stocks up 25% or more since I went long have number**
Longs Up On The Day: LNET-30 JST-112 STEC-69 MEH-71 HMSY-35 SVNT-87 CHINA-71 IMKTA-25 IIVI-27 PSPT-32 HRT-56 BMA-32 IAAC-47 PCCC-35 SEIC-25 IGLD-57 AOI-37 TTEC-60 FFH-25 DIVX-39 LWAY-41 HRZ-77 DA-55 CXW-33 MIKR-25 OMTR-72 AUXL-42 PLB-32 BUF-25 AKAM-250 PERY-33 ABI-33 PTT-85 GENT-35 ININ FTK AMSF UCTT LRCX CAM FMCN COH CNH INAP CELG RKT PRFT OTEX NYX RBN NITE MAIL BTJ LINTA RCRC NSTC TSRA NU OMNI NHWK SQM DECK ROG CCO EVEP HOS ISE BMC OPTM NLST SNCR MBLX CBF OSIR BMTI QI ICFI KALU KOG HA THK AGR TMO BBI SFL PFWD SPRT ADBE RRC ACGL PNW IGT NHP ISBC TZIX CCBL ETR ZILG APLX WGA NRGP
Stocks On Radar: XTO MKL TRCR BRG AB LVS VEH SVVS ONT MVIS ITWO MSO SPLS AHO TLEO EMC GMRK SVM DFC
Take Some Profits/Cut Some Losses: MSTR RAH OPLK AZS SUAI FTEK CKSW INPC ACP SRSL
Sell All: ADL NUE TRT
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