Earlier today I posted a link to Kirk’s lists of best & worst performing ETFs of Q1 2008. David just pointed me to a way to visualize the same data via a very nice tool / screener / map on FinViz.com.
As for the action today, the bulls couldn’t have asked for much more. It was a rout, with approx. 3.5% gains on the indices. When I wrote yesterday that the indices were poised for a pop I had no idea it would come so soon. I can’t even complain about relatively light volume because the price gains were accompanied by a volume surge. I’m sure this rally doesn’t make sense to many people but I think much of the buying can simply be attributed to short covering. There’s still some nearby resistance on the indices but I think the Nasdaq has an easier road compared to the S&P. So I’m looking for the Naz to lead the way higher.
We’ve got across the board intermediate-term upgrades today to go along with the breaks of the 50-day moving averages.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
| Primary | Down | Down | Down |
| Intermediate | Up(+) | Up(+) | Up(+) |
| Short-term | Up | Up(+) | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
