Standout Stocks

My Stock of the Day today is Cognizant Tech (CTSH)

This is a business process outsourcing company doing big business in India. The stock has been under pressure since breaking down in late March. But the correction looks to have run its course, as the stock is breaking back above its 50-day today on rising volume.

I think the move can continue, and the stock could go on to new highs. Of course, the company reports earnings May 2nd, which could either provide a roadblock or a catalyst to get there.

The market is once again proving incredibly resilient. This mornings weakness, on the heels of the weak economic data, is being shaken off and the major indexes have moved back into positive territory. This despite a rise in oil prices (near $66.50), and slightly higher bond yields (4.70%).

Investor sentiment is again very bearish, with the ARMS Index at 1.20, the CBOE put/call at 1.02, and the ISEE Index at 137. We have yet to see any big bullish flashes in sentiment during this rally. Classic example of the market climbing a 'wall of worry'.