The market has in the last one week built on its momentum. More sectors are joining in the broadbased breakouts we are witnessing. For last 4 days the number of 5% plus movers on high volume have been above 100. The number of stocks up 50% or more indicator has 10 stocks in it. 934 stocks are up 25% or more in 65 days amongst my database. So all in all while market looked shaky coming in to this week, the action so far has been pretty impressive.
Most important thing to note is the sector rotation and new sectors which are starting to take on leadership. Retail stocks had number of breakouts in this week. I have not yet run my analysis on this weeks significant movers to find sector trends (which I do on Weekend), and I will have more about using significant moves philosophy on sectors later this weekend.
Top 25 sectors by 65 day price performance:
Steel & Iron
Recreational Goods - Other
Trucks & Other Vehicles
Tobacco Products - Other
Drug Related Products
Lumber / Wood Production
Resorts & Casinos
Education & Training Services
Long Distance Carriers
Internet Service Providers
Housing has done very well. That should not surprise many readers of this site.Essentially the market is trading in range but sector rotation indicates healthy trends. The more the market churns at this level better it is.
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