Forget Greece, the economy, and the over obvious support points holding up because today the market decided it would start a fresh move higher.
Volume was decent and while it can be easy to become excited about the session, caution should be noted. I started putting some cash back to work on a few stronger names (here’s how to find them) but with smaller position sizes and ultra tight stops just in case. I have no problem adding as the market affirms with further strength, or being knocked out and moving back to cash if we reverse.
Charts below, stay frosty out there.
And to close out the post tonight here are a few updates to my previous feature of healthcare stocks.
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | (+) Up | Up | Up |
| Intermediate | Down | Down | Down |
| 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.
