Tuesday, December 05, 2006

Quiet Accumulation Day

After yesterday's strong rally, the market was able to add to its gains today. Volume levels rose a bit, making for a quiet accumulation day (on the NYSE).

Breadth was mixed, but the number of new highs on the NYSE rose again, reaching +547. I can't remember the last time I saw a figure that high. (Although I'm sure Real Money's Helene Meisler will remind me)

Housing stocks led the way, big time (+2.0%); followed by semis (+0.8%) and retail (+0.7%). All of the major economic sectors were positive on the day.

Oil closed flat, around $62.50, and the 10-year yield finished at 4.44%. In case you missed it, PIMCO's Bill Gross said on CNBC that he thinks the 10-year yield could move to the low 3's over the intermediate-term.

2 Comments:

At 5:08 PM, Blogger Michael said...

Jordan,

what's your take on ENER?

Looks like it's forming an ascending
triangle sitting near the support right now. Hopefully, it'll break out of double top at around 40.

 
At 12:06 PM, Blogger J. Kahn said...

I still like ENER. I agree the stock is consolidating, and hopefully nearing another push higher.

 

Post a Comment

<< Home