MV Weather Report: Sun Smiles on Tech
Rain or shine, we review the day's biggest stock stories.
New day, same story on Wall Street.
Today's rally was ignited by comments by Treasury Secretary Tim Geithner to the Congressional Oversight Panel. Geithner hinted at a shift in strategy from rescuing the economy to finding ways for future growth. He also said that it was unlikely that additional money will be needed to stabilize the economy.
For the day, the S&P broke through to fresh 11 month highs at 1044, closing up 1.04%.
Commodity stocks were back in vogue today as Freeport McMoRan (FCX), Agnico-Eagle Mines (AEM), Transocean (RIG), and Pan American Silver (PAAS) (to name a few) had nice up days. Technology was also hot as Apple (AAPL) rebounded from yesterday's disappointing product launch. Baidu (BIDU) and Amazon (AMZN) were strong as well.
We know that Toddo is taking the other side of the technology trade, but for those looking for an entry point, Professor Mike Paulenoff's Buzz may help.
"The big picture of the PowerShares QQQ Trust (QQQQ) continues to exhibit a powerful series of higher-lows and higher-highs off of the March low at 25.63. Unless and until the Q's break the prior significant pullback low at 39.02 (9/03), the uptrend will remain intact and dominant.
"On the upside, if the Q's are heading for the top of the March-Sept channel, then we should expect prices to climb towards 43.00-44.00 in the hours/days directly ahead. Finally, a pullback into the 31.30/00 area should be considered a buying opportunity."
Click to enlarge
Last night I wrote that the bears are getting frustrated and I believe that with every new high made, more bears will jump on the bandwagon. That being said, I think Professor Cooper presented an excellent view on why you can be wrong and still make money.
Football season starts tonight, while one game is great I really can't wait for Sunday.
That's all for now, have a great one!
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