Tuesday, August 17, 2010

Stocks Stage A Broad Based Rally



Stocks staged an impressive broad based rally today on an increase in volume. The S&P still has it's gap slightly above the market which may act as resistance if stocks can rally just a bit more to the 111 area for SPY.

Some of the strong groups leading the rally today were real estate and energy stocks. DRN which is a real estate ETF was up close to 7%.

As we approached the last hour of trading, stocks began to sell off giving back about a third of their gains for the day.  The small caps which have been the weakest were actually the strongest out of the 4 major indices today. It will be interesting to see tomorrow if we get follow through to the upside. Lets see what happens.

2 comments:

Anonymous said...

Russell was up 1% yesterday too - great tell for risk appetite.

Anonymous said...

Despite rally not convinced - own BGZ for protection heading to september, take care

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