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MARKET WRAP UP 11/11/10
In a case of deep irony on this Veterans Day holiday that is as American as apple pie and reality television shows, the price action today helped to form what could be seen as a set of bull flags across the leading indices, sectors, as well in many key individual issues. Sticking with the theme that I have been discussing since last Friday, Mr. Market continues to digest the glorious feast that he enjoyed last week. At the same time, he has resisted the idea of becoming ill from gluttony. Instead, he has downed some sambuca and taken a long walk. With the S&P 500 holding an intraday low of 1204 for the second day in a row, the bulls were able to close the session down a respectable 0.42% to 1213.
Once again, the bears were unable to puncture through some key support levels that were tested, whether it be the transportation or financial stocks. Moreover, the industrial/energy/material complex shrugged off a stronger U.S. Dollar to move higher. As I have been discussing, the idea of a stronger Dollar automatically leading equities and commodities lower may be a little too obvious to work this time around. Beyond that, countless technology names refused to let the CSCO sell-off rub off on them. Finally, leading stocks, such as AAPL AMZN BIDU CRM GOOG NFLX RIG, all had orderly, constructive days.
After nearly a full week of sideways action, all potential bull flags should be monitored closely for any upside breakouts, presumably leading the next charge higher.
NOTE: See you guys at iBankCoin’s Three Year Anniversary tomorrow, as well as at the 12631 launch inside The PPT.
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Gratified by today’s market action. If you can sit through the first 30 minutes without panicking the ship usually rights itself and carries on.
Good post, as always
Regards
Judy G
Nice post, nice flag.