Alligator Blood

In the movie "Rounders", John Malkovic tells Matt Damon that he has alligator blood. "You keep hanging around, hanging around". That's how the market must have felt to the bears today. After peaking near mid-day, the market just hung onto its gains into the close.

Volume levels rose on both the NYSE and Nasdaq, making for a strong accumulation day. Follow-thru will now be key. We need to see the indexes go on to new highs from here, or risk putting in a double-top.

Every sector I follow was up today, led by semis and energy. Laggards were utilities and consumer staples, even though the groups were still up today. Oil finished above $58, and bond yields at 4.52%.

I still would like to see how the market holds up into next week, but today certainly makes me more positive. (And SIRF looks ready to breakout).

Have a great night--