Futures up HUGE as I write this. Nuke news turning potentially "positive" (not being insensitive at all, but more positive then it has been let's call it); Libya hope that allies will push Gadafi out of control.
This week we have earnings from ORCL and RIMM, but keep an eye on the BANKS for real key to any long lasting rally, if it is to develop. That sector should outperform after the dividend increases at some banks are going into effect, it opens up some more buying from funds that only deal in dividend stocks of certain %s. So, that's the key sector in my book.
Tech will move on ORCL and RIMM news, but has lagged very badly and even the gap up here as I write isn't remotely as large as the S & P. Keep an eye on AAPL and stocks like FFIV as they will either squeeze or completely fall apart and look out below.
1300 is the obvious resistence on the S & P, if we get there keep close tabs, a failure there may take us right back down to 1250 or lower. A break above could lead to further expansion.
NEWS still rules, so I think best bets are to be mostly cash and play what the market gives ya...
10 am rule in effect on tech and banks, if banks break higher through morning look for further upside into the close today. If they can't hold gains then we're in trouble...subject to news flow remains status quo.
Rock on and RULE!
Michael "Waxie" Parness
FACEBOOK: Michael "Waxie" Parness
Twitter: @realwaxie
No comments:
Post a Comment