Stocks rose across the board, today, as the NYSE and the DJIA hit all-time closing highs. The reasons behind the gains are simple: more buyers than sellers. However, we always need an excuse and today's upbeat New Home Sales number seems to be good enough. If that isn't good enough for you, we can say we got a Patriotic lift off the passing of the 38th U.S. President, Gerald Ford. May he rest in peace.
At the closing bell, the SP 600 led the way with a 1.1% gain, the DJIA picked up .8%, and the SP 500 and Nasdaq rallied .7%. The big winners were the leaders. The IBD 100 rallied 1.8% and had 39 stocks in the index pick up gains of 2% or more. Clearly top stocks were top stocks today.
Volume was higher across the board but still well under the 50 day volume average. However, the higher volume on the gains is just what you want to see after the market fell on lower volume each day before Tuesday's session. This is proper volume action.
Breadth was remarkably strong with advancers beating decliners by a 3-to-1 margin on the NYSE and by a 7-to-3 margin on the Nasdaq.
It was another strong day for the market and if the market is telling us anything it is that trying to guess the top is a fools game. The bears have gotten it wrong again as the NYSE and DJIA prove with facts that the bears are still very wrong in trying to predict a top.
As long as the indexes are hitting all-time highs and holding above the 50 and 200 day moving averages there is no reason to even try to look for shorts. Longs are still doing better than shorts are on a relative performance basis and until the market turns its overall trends lower being long is the place to be. Just look at all the longs and how much they are up since the July/August follow through. Try to find me some stocks that did as well as half of those stocks with numbers after them.
It is possible the NYSE will close the market Friday in observance of the death of former U.S. President Gerald Ford. The NYSE normally closes its exchange on nationally recognized days of mourning following the passing of a President.
The 38th U.S. President was a good man and was the right man at the right time following the resignation of Richard Nixon. What he had to step into was more than what most people could deal with. He handled himself as well as they could have during his short time in office. God bless President Ford and may his soul R.I.P.
Aloha and I will see you at Investors Paradise.
This is the last week of this blog being free. Starting next week we move to a new site.
New Swing Longs: LOOK WFD ZNH WAUW CNR
Adding to Positions: SMOD IGLD MVIS EPHC
Longs Up On The Day (low vol non-IBD excluded): CVO-149 IIG-25 JST-86 INWK-53 PSPT-35 IHS-101 AKAM-241 IGLD-56 HMSY-37 AOB-106 LNET-25 STEC-88 HRT-29 ICE-42 BMA-31 CPA-49 AOI-33 SEIC-26 CXW-33 TTEC-64 DECK-27 IIVI-32 PCCC-33 DA-52 MA-98 OMTR-80 CLRT-32 HCSG-27 MAMA-132 BAM-51 NAVI-33 CMT SRSL BTJ SMOD CTCM GIFI BLUD LFL CNH ININ NYX NSTC HEI SKX NITE OMNI CACB HOS DIVX LCC IMKTA DLB IMA JCG GLDN INAP WTS VEH SQM FMCN ISE TSRA AMSF CAM RKT RBN PQ RTSX TMO IFOX LRCX VCLK BMC AB MVSN BOT NU CELG MAIL LINTA HINT OSIR VPFG IPHS HAUP LNUX ACTU ONT LYTS MVIS ISBC SNDA OEH ISSC RWT OME EPHC INMD
Stocks On Radar Screen: FRD NCTY DAKT GSOL CMTL MOCO TELN PENN SPI EFUT DEI ATN IPCS CHA PBH KNXA CRY ALU HYTM SCO ASIA BRG CPY PMD
Complete Sells: ILC KOG
Partial Sells: PMID INO
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