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Stocks had another active day on February 22 with the S&P 500 rising nearly 65 bps to 2,792. At this point, it would seem that the 1 to 2% sell-off I had thought we were going to get is not going to happen, or it occurred yesterday and it was much less severe than I anticipated. But then again that is why investing is such a humbling experience because it can make the best of look like fools sometimes.
What happens now? It is clear that there are many signs that the S&P 500 is likely to power right through this 2,800 level.
The Russell 2000 is now near 1,593 and this a significant level for the index. If it can increase above that level it has room to go back to 1,700. There is very little to stand in the way of that happening should it break out.
The PHLX Housing is also close to a big break out should it get over 295.
There appears to be an enormous appetite for copper with the metal rising to $2.94. I think what makes the big move in copper even more impressive is that it is happening without the dollar weakening. The fact that copper is strengthening on a strong dollar suggests that there is a real demand in the market place for the metal. Notice that copper peaked in the late spring around the same time that many of the export stock markets start falling. It tells us something about global demand, and what we have seen in global equity prices.
The mining giant BHP) Billiton Ltd ADR (NYSE:BHP) is breaking out of a one-year long trap. $57 is the next level of resistance.
Apple Inc (NASDAQ:AAPL) continues to show signs of moving higher. I think we can confirm that the stock has broken out with the opportunity for the stock to rise to $182.
Roku Inc (NASDAQ:ROKU) went nuts today, rising back to resistance at $64.50. I guess the pop should not be much of a surprise, with nearly 35% of the float short.
Chipotle Mexican Grill Inc (NYSE:CMG) has stalled at $604. What is interesting here is that the stock has stopped rising as volume has fallen dramatically. It would suggest to me that buyers are drying up. I still think the stock falls back to the $550 region. That RSI is overbought and is trending lower longer-term. That is a bearish indicator for now.
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