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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!

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No positions in stocks mentioned.

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