I thought there was a good chance that late-day short covering would surface, and that's exactly what happened. I believe there are a ton of trapped shorts in this market, and they will not stick around to withstand the pain if this market continues to move higher.
Healthcare stocks stood out again today, and lots of good breakouts can be found among them. Retail stocks (+1.0%) and housing stocks (+0.8%) also fared well, while chip stocks lagged (-0.3%).
Former SOTD Panera (PNRA) rallied strongly today on nice volume, but hasn't broken above its downtrend just yet. I think it will soon. Google (GOOG) also had a solid day, up nearly $8 and moving back above its overhead 50-day moving average. As long as the market stays strong, GOOG could have a lot of running room ahead of it.
long GOOG, PNRA