The bulls came back yesterday after they realized taper talk is silly and stocks have to go up because the world is printing. Japan had a bullish breakout last week and the yen is starting to fall out of bed again (DXJ). China (FXI) still looks strong after its breakout on Monday.
The action was much better yesterday and the financials were strong+1.5% (XLF), which is always important. We are doing well in our FAS trade and I think the banks go much higher. The charts of Citigroup Inc, (C), BAC and others in the group look splendid.
Some market winners yesterday included: Google Inc, (GOOG) +11, Netflix Inc, (NFLX) +9, Green Mountain Coffee Roasters Inc, (GMCR) +8.67, Buffalo Wild Wings Inc, (BWLD) +8.20, Biogen Idec Inc, (BIIB) +6.27, Apple Inc, (AAPL) +6.20
Some market losers yesterday included: ROSSS, (ROSS) : -7.50, Liquidity Services Inc, (LQDT)-4,85, Gamestop Corporation, (GME)-3.74, The Fresh Market Inc, (TFM)-6, Voxeljet AG (VJET) -5.50
The market continues to tag new highs and the “great rotation” out of bonds hasn’t even started yet. Who need that rotation when corporations are taking billions of dollars of their stock off the market on a monthly basis via buybacks. Who needs mom and pop for that matter? Actually retail will come back and the bond rotation will eventually happen. Imagine the firework then? I’m not a perma, I’m just calling the reality out.
I like Youku Tudou Inc, (YOKU), iShares Nasdaq Biotech, (IBB)… and Netflix Inc, (NFLX) on a volume break above 351. My subscribers are +40 here on Biogen Idec Inc, (BIIB) this morning off some very good news. Congrats. Biotech should rock today.
Disclosure: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.