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There is some very bullish action among stocks today. Specifically, I am looking at a number of stocks that are breaking above their respective 50-day moving averages. This should increase confidence among investors that view this key technical gauge as a maginot line.
Long GOOG, URBN, WFMI
posted by J. Kahn @ 10:25 AM
2 comments
Jordan Kahn, CFA is the Chief Investment Officer of KAM Advisors, in Beverly Hills, CA. He is a frequent market commentator for numerous investment publications, and has appeared on CNBC and KNBC-Los Angeles. He is a regular columnist for RealMoney.com and has also been featured in TheStreet.com, Street Insight, Technology Investor, and Barron’s.
2 Comments:
Maginot Line? Today's award for best historically-based colloquialism goes to... Jordan Kahn! Let's just hope this rally holds better than the actual Maginot Line.
I like your insight on the 50 MA. I once saw a ticker on stockcharts.com for % of stocks above the 50-day MA. Do you know what that symbol is? I'm interested in seeing what happened to it today.
I'm also heartened by which sectors took the lead in Pickett's Charge today. Financials and techs (among others) seemed to have some strong accumulation all day. I like that leadership.
Kevin,
I don't know what the symbol is, but this statistic is available at Barchart.com. Just click on the 'Market Momentum' link, and scroll to the bottom.
-jk
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