Market Wrap

Sorry for the lack of posts today. I had some tech issues that kept me busy, in addition to dealing with this hot market. Did you see AMGN today? Wow. Talk about a strong reaction to blowout earnings.

Anyway, today was another very strong day. When I saw the market down this am, I figured it was an overdue breather. But to say the weakness was temporary would be an understatement. Despite disappointing earnings last night from INTC and YHOO, the tech market came roaring back today. My last few "Stock of the Day" picks are doing nicely (see the archives).

The Nazz moved into positive territory on the year today. Nice to see. Volume was very strong today, with over 2 billion shares traded on the Nasdaq. If I had to point out one negative divergence, it would be that the Hi/Lo index is lagging. The indexes hit new highs today, but the number of net new highs actually peaked back on July 11th. So I would like to see this indicator pick up some steam. Otherwise, I think we are closer to the market taking a breather.

long AMGN, INTC