This is starting to look like a rally but I still have a nagging doubt or two.
The S&P made a new high – very significant! Big volume move up for 2 days.
The Nasdaq made it right over 2,250 on volume but I need 2,275 now to get back in. MSFT’s participation was lagging but there.
The Dow is the problem, rejected from 10,900. It needs to hold 10,850 tomorrow to stay in rally mode.
The dollar is dropping hard so don’t read too much into either gold or oil gains as 5% of them have been just a dollar adjustment this week.
Oil held $63 – this is my main problem at the moment as a run over $65 tomorrow can scuttle the markets.
Mortgage apps were down today and I expect pending home sales to look bad as well, this should send the builders back down – I will try to identify some tomorrow.
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YELL, sorry – YRCW had an amazing 4.7% day, almost worth the month I waited for it to move.
BVN went up so much I sold it. 10% in two days is plenty for me.
I don’t know what is going on with SIRI. At least it bounced off the 200 dma of $6.30 but only pathetically so and on strong volume. The last 2 times it dipped into the average like this it rebounded nicely over 2 weeks but it could go all the way to 6 before it turns.
Old TOTD BCRX is back in rally mode.
GOOG is up $30 in 2 days on good volume. The gutters are filled with people who shorted Google so just say no! The usual pattern dictates that tomorrow is the day for the naysayers to appear but so many people have looked silly saying this stock is done…
SRZ is up a whopping 10% since I put it on the watch list this weekend.
SPSS has been moving nicely since Friday’s pick. I like this one long-term.
AIR is also looking strong.
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Lots of retail news will come out tomorrow. Between that and oil reports we will have a very exciting day!
