S&P Joins the Party

The SPX closed at a new high today, it's highest level since May 2001. And the COMP closed at another new high as well. So this rally seems to have a bit more legs to it than some of the recent technical action might have implied.

Participation was fairly broad today, with techs leading the way. Housing stocks were also very strong (+2.9%), on lower bond yields and friendly remarks from Fed's Hoenig. Chip stocks were also very strong, followed by retail and energy. Biotechs were the only lagging group.

Some notable stocks included former leaders that have undergone corrections but now look like they could be ready to run again. To wit:

• AAPL - huge, high volume run on news of 'Boot Camp' rollout
• MRVL - breaks above recent downtrend line on rising volume
• SNDK - gaps above overhead 50-day on rising volume
• GOOG - adds to its gains above the key 400-level
• ZUMZ - leads retail group ahead of strong same-store sales report
• OXPS - recaptures 50-day on huge volume spurt

These are just a handful of stocks whose moves are worth noting. Yesterday I highlighted the strength in the financials as noteworthy. While my gut says that this rally is getting long in the tooth, and in need of a pause, it's tough to argue with this market.

long GOOG, MRVL