Stocks: Here Come The Laggards
Yesterday I pointed out how so many world markets are making new highs for the year and that our market which is lagging will get pulled up. Today the NASDAQ, S&P and Dow all moved higher into their gaps.
My guess is that we will see new highs for the year given the fact that so many other markets are breaking out and that the Yen can't seem to rally.
If and when our market does make new highs for the year, I will monitor what the weak groups are doing such as brokers, banks home builders etc. If they continue to look weak, it is quite possible that the break to new highs will be a bull trap, but lets take one day at a time and let the market first rally. As of now I think we'll see new highs for the year in the NASDAQ, S&P and Dow.
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2 comments:
Kevin,
I agree that markets will go up in the near term, but Yen is making a solid base and may go up in a few month time.
I still think the Yen can go higher but right now it's not doing much.
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