Friday, November 30, 2007

Mixed End For Stocks On Top of Solid Week

The markets closed mixed today, with the S&P 500 up on the day, but DELL and RIMM dragging down the tech stocks and the Nazz with it.

For the week, the Nasdaq outperformed the S&P for the third straight week, and 9 out of the last 10. Growth over value?

The S&P 500 is now +4.4% for the year. Interestingly, it fell by that same amount (-4.4%) in November.

I like what looks like a new downtrend in the FXY, as that has correlated well with a rally in our markets. I also liked the action of the financials today, even as it was likely a short-covering bounce.

But look at the action in Wells Fargo (WFC). That stock was up a whopping +6.2%, and it isn't heavily shorted. I think for the most part the financials have seen their lows for the year.

I am staying bullish.

long WFC


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