Tuesday, October 05, 2010

Stocks Surge


Stocks surged higher today breaking out of its recent 3 week consolidation. Leading the market higher today were the banks, gold and oil stocks. The BKX (bank index) which was one of the weakest groups last month was up over 3% today forcing many shorts to cover their positions as buying poured in across the board.

I've been bullish on stocks simply because they've broken out of  their 4 month trading range last month. There is also an inverse head and shoulders bottom which was confirmed last month as well. My upside target is a retest of the April highs.




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