The market continued to push higher today, ramping up to new 2010 highs! Financials were strong today. FAS (financial bull 3x ETF) hit an intraday high of $96.84. In early February, FAS touched an intraday low of $60. That's a +61% rise from the February low in just a little over one month!! BLK got an upgrade this morning and jumped more than $10, or +4.92%. HIG poped +4.84%. PNC, STI, and STT all gained more than +2%.
Coal stocks were still strong. WLT charged to above $91/share before cooling down to a flat close. MEE rose nearly +6% on its $960 million acquisition of a rival company to double its metallurgical coal sales. ANR and PCX remained strong as buyout candidates.
The Dow was up +47.69; SPX added +6.75 points; Nasdaq gained +11.08 points:
SOXX (semiconductors) continued to glide higher, up +1.16%. USO (oil) added +1.11%. GLD (gold) slid a bit. XME (metals and mining) finished slightly higher. XLF (financials) gained +1.21% while HGX (housing) was up +1.64%. FXI (Chinese ADRs) bounced +1.61%.
SPX
SPX added +6.75 points to close at 1166.21. It came close to 1170 intraday. Its daily MAs and AMCD sailed higher.
Nasdaq
Nasdaq gained +11.08 points to close at 2389.09. It touched 2400 today. Its daily MAs and MACD still looked strong.
Well, the market just keeps going higher. Some people might be thinking this is "March Madness"! If it is, I don't think it's done yet. However, the market does need a quick pullback. I think the market can retest SPX 1170 tomorrow. But, on Friday, we could see some profit-taking. Buyers are still looking for stocks that have not broken out yet in the recent run, and, those stocks can still pop. Oil services, mentioned yesterday, went a little higher today. Energy stocks are also starting to catch more attention, for instance, APA, APC, OXY, and HES. Solars have also been lagging, so, we'll keep our eyes on those as well.
Good night and HappyTrading! ™
