What a week
Finally, a strong finish into the close. But man, what a week, huh? I am pretty spent.
Oil stocks got the biggest bounce today (+2.5%) followed by biotechs (+2.0%) and brokers (+1.5%). Chip stocks failed to participate in today's rally, which is a bit bothersome. As is the fact that GOOG was down all day. But there were plenty of stocks to make up for it.
The 10-day put/call ratio is well above 1.0, an elevated level which usually precedes a tradeable rally. And I've mentioned repeatedly how high short interest levels are. If the market can get jiggy on the upside next week, I think short covering and options expiration could really exacerbate the buying. I know this sounds like wishful thinking, but you have to look at what could go right, not just what could go wrong.
So keep your buylist up to date. And have a great weekend!!