Adam Brodsky is filling in for Toddo...he will return to his post on Monday
Not much to report since the last update. The market is holding at its highs and there seems to be some overhang at 1490 in the NDX and at 1140 in the S&P. The semis keep creeping higher as it is clear they are leading the market today.
The breakout today is right across the board and some of the strong sectors of recent times are taking a break. With tech, cyclicals, housing stocks reversing to the upside we are seeing the consumer staple and defensive names take a breather. Again, does this last more than a day? The breadth is strong and with the tech taking the lead again, anything could happen.
One last thing, be mindful of the G7 meeting this weekend. Not a lot of press has been covering this meeting and most people I speak to say it isn't a big deal. Maybe it is and maybe it isn't. Just a heads up so you can get yourself in shape into the weekend.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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