With the technology-led Nasdaq Composite Index turning slightly red, as I write this after a strong open this morning, it is easy to become demoralized by this market. However, eschewing stocks in general would see you being left behind the 1% rally in the financial sector today, with potent hints of rotation. Large and hated banks such as BAC C GS JPM MS WFC are all showing continued relative strength and acting well. In addition, there are quite a few regional banks showing strength and ripe for swing trades on the long side.
Moreover, quite a few precious metals miners and assorted other stocks are flexing their muscles. That type of action, coupled with tedious movements in the major averages, continues to see me sticking with the thesis that we are currently dealing with a market of stocks more than we are a stock market, albeit with plenty of moving parts.
http://www.youtube.com/watch?v=JMySnZAYpqU
October is like aquaman… it sucks
lol