4.20.2007

HIGHER MARKETS


Markets open much higher on the heels of good numbers from CAT and GOOG. The DJIA is at another new record high and the selloff from late February remains a distant memory. Subprime What? Inflation, what is inflation? Oh, and by the way, the SPX is now just 80 points away from its all time high. How long before that comes up in discussions?


Strong sectors include silver stocks (SSRI PAAS), metals, homies, trannies, oils, small caps, small cap value, defense, retail and brokers. To the downside, nothing but the worst of the green include airlines, banks, semis and drugs.


Key stocks are all higher led by GOOG GS MER LEH BSC CME ICE PVH WMT MSFT BIDU CSCO FDX CTSH and MRK.


The few in the red include KLAC MO PFE and SGP.


The internals of the major indexes tell a pretty good story as the SPX/OEX/NDX are all over 9/1 green to red. The DJIA, has 26 up and 4 down with CAT HON MRK AXP XOM acting best and MCD PFE MO PG acting the worst.


The internals on the NYSE are as bullish as they get with 2,000 more winners than losers while the NAZ shows 1,400 more winners than losers.


Obviously, the markets are back in overbought territory and as I check the screen the Small Cap Rut is again outperforming the big cap SPX/DJIA. Who would have thought?

0 Comments:

Post a Comment

Subscribe to Post Comments [Atom]

<< Home