- Everything was up. Gold, Treasuries, Equities and Commodities, including a 11% move in crude. That is an unusual day!
- While the broad averages were not up as much as Monday the mid-caps, as judged by the Russell index were up more than 6.5%. That may be the place for new money.
- Some high beta stocks have advanced 50%-70% over the last several days. Finance companies stand out.
- Sectors showing significant out performance included biotech, banks and major drugs. The latter took an early cue from Pfizer as it’s drug for treatment of pancreatic cancer was pulled from trials. The drug was so successful the FDA was concerned that those on placebo were being disadvantaged. Shares were up 9.5% on humongous volume. Our drug companies have not had great new drug discovery success for some time. Investors celebrated the Pfizer news.
- The evening news shows will make much of the last three days. And they should.
- So long as there is doubt about a continuing rally we will have a chance for something meaningful. Once the public investor begins to believe we are back to the good old days you can expect a correction.
- Indeed, there will be some that will say we are now over bought. And I can make a case for that. The market has to continually prove itself. Should we continue to experience strength the confidence will build. But there is a limit to this enthusiasm. We are not in another buy and hold them forever market.
- Expect foreign markets to be up big. There is an Emerging Market ETF that is down about 60% from its high. EEM doesn’t seem to exactly track it’s underlying indexes but close enough for government work.
- Active names for me today were BAC, DOW, ANDE, T, GE, BWLD and PRGO.
- A comment from THE SHARK REPORT this afternoon: If we were down 200 it would be Obama, anyone crediting Obama with up 200?
- I could have chosen several versions. Carole King has the iconic version and, of course, the Sherrells’ version is great. But Amy, pre-treatment, knocks it for a loop. Amy Winehouse – Will You Still Love Me Tomorrow
Don’t count your money, you haven’t sold yet. But do, do have a wonderful eventing! BTW, last night I made three bucks at poker!
