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Although the senior indices have been flopping around quite a bit this morning with all sorts of headlines out of Europe, I am seeing improved action in many individual stocks. Quite a few names that have shown relative strength over the past few months, such as ALGT CSR EDU (long in 12631 service) FIRE QSII have all been permitted to break out to multi-month or even all-time highs. Moreover, the action in traditional market leaders like AAPL and BIDU is encouraging, as both stocks have quality daily chart setups. Generally speaking, the technology sector looks to be leading here, which is also a positive sign.
On the whole, though, the bulls still have their work cut out for them. The S&P 500 is currently coming to terms with a flattening-out 20 day moving average, on top of digesting a steady stream of news out of Europe. With the back and forth slugfest between bulls and bears over the past five weeks, you would expect there to be plenty of overhead supply even if the bulls continue to make strides. Hence, I am staying with my strategy of methodically legging back into this market, so long as the action keeps heating up.
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thoughts on RIMM? The sentiment is absolutely horrendous, which leads me to believe that now is a great time to buy
http://ibankcoin.com/chessnwine/2011/08/16/so-bad-they-might-be-good/ Still like it
QSII is looking good. So is the babe…a close friend, I hope?
(un)fortunately, she’s not the friend type
Isn’t that J-Woww from that horrendous guido show?
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nyet!
Her indices look just fine.