Here we go again for the upteenth day in a row markets are trading higher - despite the way over bought levels and the constant RSI 2 levels of 100. SPX +5.6, NAZ +11 and the DJIA +40.
Strongest sectors- homies, energy, emerging markets, banks and semis while airlines, drugs, biotechs, and retail lag.
NYSE- 1350 net winners;
NAZ- 700 net winners;
SPX- 385 GREEN;
NDX- 60 GREEN;
VIX- down 6% at 16.65 and about 7% under the SMA 10.
Up volume about 4x the down.
WINNERS- GRMN ADBE MICC NVDA YHOO AA BHI HAL SLB MET RF XOM;
LOSERS- UNH AMGN GILD BMY USB MA HD CTXS ESRX SYMC APOL BIDU WYNN;
Lots of chatter about the big winning streak but check out the action in the RUT/IWM way better than the SPX - as small caps out perform as usual.
Everyone waiting for a pullback to buy - and I continue to sell stuff and have the most amount of cash in my trading accounts that I have had in many months- Looking to sell more and buy the upcoming dip.