Today is most decidedly bullish, as 100 stocks are breaking, 93 of which are to the upside. Most notably, the banks, finance, brokers and REITs are thrashing the bears.
The only exception to that is LM, which is the only breakout stock out of the financials that is breaking down (last I checked). A testament to the money management skills of Bill Miller, no doubt.
As far as the ratio of stocks and ETFs breaking out vs. breaking down?
194 to 7.
Talk about opening up a can of whup-ass.
Btw, my hedges got axed this morning. I am now out of SRS, MZZ, SMN, DUG, and EEV—-with some minor cuts and bruises. Fortunately, they were hedges—designed to offset my long positions, not your garden variety roll-the-dice-let’s-see-how-much-coin-we-can-bank-shorting-the-market in positions of double death.
The only hedges I hold now are PST and TBT. I also hold GLD and UUP for the “alternative” flavor of my portfolio.
Currently, 28% cash, 22.5% fixed income (including hedges) and 49.5% equities.
I will not go long until I get a chance to review the numbers. I’m just not too excited about the long side yet, although I have gotten into RIMM, AAPL and CAF, recently.
That is all. Carry on.
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