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 email@example.com.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter