Another Solid Day
The market put in another solid day. Small and mid-caps led the rally. By sector, brokers and energy stocks were the strongest, followed by retail and industrials.
Semis took a breather today (-0.8%), but the Nasdaq was still up on the day. AAPL and GOOG both had very big days, and closed at their highs for the session.
Breadth was positive, and investor sentiment was still skeptical, as the ISE index finished at the low level of 108. Managers are obviously putting money to work here, but there are still tons that are skeptical. Have you seen Liz Ann Sonders' year-end target lately?
Oil got a small bounce, but still closed near $64. Bond yields finished lower at 4.76%. Inflation? Not.
I now need a pullback to put more money to work. But a strong market often doesn't give you that chance. That is the dilemma on the minds of many investors right now.
long AAPL, GOOG