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Millionaire Now! by Larry NusbaumThis blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth". |
Big-cap Indices Rally To New Highs
Posted on 12/15/2006 05:17 AM | Link | Post Comment
The major large cap indices vaulted to new highs, helped by a favorable economic report. The volume totals on both major exchanges were near average, slightly above Wednesday's levels. Advancers led decliners by a 21-to-12 margin on the NYSE while and by an 18-to-12 margin on the Nasdaq exchange.
Most groups put in positive performances on Thursday as the Retail Index ($RLX +2.09%) led a session of widespread gains. Semiconductor Index ($SOX +1.86%) rallied up from support near its 50-day and 200-day moving average (DMA) lines, helping to boost the tech sector along with solid gains from the Networking ($NWX +1.94%), Internet ($DOT +1.52%), and Software ($GSO +1.20%) indexes. The energy group rose amid talk of more OPEC quota reductions, lifting the Oil Services ($OSX +1.29%) and Integrated Oil ($XOI +1.44%) indexes. Modest gains in the financial group also helped the major averages as the Broker/Dealer Index ($XBD +0.60%) and Bank Index ($BKX +0.64%) offered some important positive influence. The Gold & Silver Index ($XAU +0.79%) also rose. Meanwhile, the Healthcare ($HMO -0.08%) group lagged and the Biotechnology Index ($BTK +0.44%) posted only a small gain.
From Dr. Brett:
Market Expectations:
Divergences? - After the rise to new bull market highs on Thursday, 79 S&P 500 stocks made fresh 52-week highs. That's matches the level we saw last month and is a bit lower than we saw in October. Only 40 S&P 600 small-cap stocks made new annual highs, down from 60 last month. We had 34 S&P 400 midcap stocks making fresh 52-week highs, down from over 50 a month ago. Only 10 NASDAQ 100 issues made new highs, also down from November and October levels. The Dow? Only 8 new 52-week highs. In all, we had 384 new highs among NYSE stocks, down from nearly 600 last month. Let's see if this rally broadens out. Note that, from the morning on during Thursday's session, we got new highs in the ES, but not in the NQ or Russell. That didn't stop the equity put/call ratio from dropping through the day, falling below .50. I might take a look at that tomorrow in TraderFeed.
Market Synthesis:
Bottom Line: Options expire Friday, so we could get some rangebound cross-currents. I have to honor my indicators, which show good upside buying, momentum, and new highs, but those divergences (see above) won't have me chasing new highs unless I see good participation among small caps, mid caps, and NASDAQ. MORE
Most groups put in positive performances on Thursday as the Retail Index ($RLX +2.09%) led a session of widespread gains. Semiconductor Index ($SOX +1.86%) rallied up from support near its 50-day and 200-day moving average (DMA) lines, helping to boost the tech sector along with solid gains from the Networking ($NWX +1.94%), Internet ($DOT +1.52%), and Software ($GSO +1.20%) indexes. The energy group rose amid talk of more OPEC quota reductions, lifting the Oil Services ($OSX +1.29%) and Integrated Oil ($XOI +1.44%) indexes. Modest gains in the financial group also helped the major averages as the Broker/Dealer Index ($XBD +0.60%) and Bank Index ($BKX +0.64%) offered some important positive influence. The Gold & Silver Index ($XAU +0.79%) also rose. Meanwhile, the Healthcare ($HMO -0.08%) group lagged and the Biotechnology Index ($BTK +0.44%) posted only a small gain.
From Dr. Brett:
Market Expectations:
Divergences? - After the rise to new bull market highs on Thursday, 79 S&P 500 stocks made fresh 52-week highs. That's matches the level we saw last month and is a bit lower than we saw in October. Only 40 S&P 600 small-cap stocks made new annual highs, down from 60 last month. We had 34 S&P 400 midcap stocks making fresh 52-week highs, down from over 50 a month ago. Only 10 NASDAQ 100 issues made new highs, also down from November and October levels. The Dow? Only 8 new 52-week highs. In all, we had 384 new highs among NYSE stocks, down from nearly 600 last month. Let's see if this rally broadens out. Note that, from the morning on during Thursday's session, we got new highs in the ES, but not in the NQ or Russell. That didn't stop the equity put/call ratio from dropping through the day, falling below .50. I might take a look at that tomorrow in TraderFeed.
Market Synthesis:
Bottom Line: Options expire Friday, so we could get some rangebound cross-currents. I have to honor my indicators, which show good upside buying, momentum, and new highs, but those divergences (see above) won't have me chasing new highs unless I see good participation among small caps, mid caps, and NASDAQ. MORE
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