Nice Bounceback

Today's rally ended on a strong note. It looked like the rally was going to completely fizzle during the last hour, but a last minute surge helped the market rebound into the close. Housing and retail stocks were the strongest today, while biotechs and semis lagged. The SPX outperformed the COMP also.

Former market leaders like AAPL, BRCM, GOOG, etc. did not have a good week at all. Defensive, consumer staple-like stocks did much better. Usually this happens when the market is worried about a slowdown in the economy. So it will be interesting to see if this trend continues, or reverses next week.

I think the market should bounce next week, as it is near-term oversold and bearish sentiment has been growing.

Here were some notable stocks from today's session:

• NUE - new highs
• HANS - Mad Money mention
• ICE - record oil contract trading
• PKX - new highs; steel group strong
• HIBB - new highs; EPS related
• RTSX - 10% drop; Medicare reimbursement concerns
• TEX - delays filing; stock drops below 50-day
• MFLX - gaps down on Motorola RAZR concerns

long GOOG