Mixing metaphors, a pocket full of posies comes to mind describing Thursday’s session for once again, pockets of stocks well outperformed the S&P 500 while others “all fell down.”
Wynn Resorts (WYNN) sank after reports of money laundering. Shame on you Steve!GoPro Inc. (GPRO) fell over 9%. The Energy sector and some of its holdings fared really well as cold and snow continue to grip the Northeast. Homebuilders, after 6 days of compression, flew and Intel (INTC) made a few folks happy!
The indices languished near the highs though not too shabbily rose from the early morning low prints to close up on the day. The Russell 2000s notably, revived from the nearly dead posting the greatest percentage gain, and clearing a first point of resistance 116.25.
As a week of sheep grazing, wolves prowling and gift horses prancing comes to an end, everything we anticipated happily unfolded. We managed to keep our long core positions by giving the trades and market room while trading anything new much tighter with shorter timeframes.
By the way, for those who might wonder how these metaphors relate to the stock market, I quote John Lennon after reporters’ assigned meaning to “I Am The Walrus.”
“We’ve learned over the years that if we wanted we could write anything that just felt good or sounded good and it didn’t necessarily have to have any particular meaning to us.”
And that my friends remains my goal-offer relevancy, hope you find some meaning andmake you smile!
S&P 500 (SPY) Eked out a new high close Subscribers: Positive Pivots in all
Russell 2000 (IWM) Cleared 116.25 but not 116.75-although vote for most likely to succeed now
Dow (DIA) Another new high close
Nasdaq (QQQ) Not quite a new high close-hope it’s not like almost surviving an operation!
XLF (Financials) 24.15 needs to clear
KRE (Regional Banks) Inside day and good close over 40.00
SMH (Semiconductors) Intel helped this to new highs.
IYT (Transportation) Lagging but holding
IBB (Biotechnology) Quiet still
XRT (Retail) Poised and poised
IYR (Real Estate) Continues to hold 75.00 for dear life
ITB (US Home Construction) Second time I’ve pointed out 6 days of compression this week (SPY the other day) and whammo!
GLD (Gold Trust) Inside day and starting to get more bullish
GDX (Gold Miners) Like GLD-ditto
USO (US Oil Fund) 29.00 the point to clear-time to think commodities??
XLE (Energy) Might as well wait for the 50 DMA-grazed it but closed below
UNG (US NatGas Fund) Closed above 200 DMA
TAN (Guggenheim Solar Energy) Subscribers: Decided to wait for a phase change
TBT (Ultrashort Lehman 20+ Year Treasuries) TLTs 120 pivotal area and the 50 DMA to hold 118.27 (notice the slope moving up everyday?)
EWW (Mexico) Subscribers: Big day yesterday-today inside day
SGG (Sugar) Subscribers: Eyes here again to see if it can cross the 50 DMA
JO (Coffee) Subscribers: Unconfirmed phase change to bullish, then tanks to Distribution
