- Apple (AAPL), Exxon Mobil (XOM) and 3M (MMM) earnings and positive sentiment withstanding the averages finished mixed. Breadth was again negative.
- 173 stocks were up but the number to watch is 105 down. The down movs have been increasing, indicating rotation.
- Rotation is also visible in 987/252 numbers which have stalled and not improved.
- Several gap ups on flimsy news early in the morning in many cases, indicating red hot momentum.
- The market is currently in full momentum mode
- Corrections have a nasty habit of appearing when trading becomes too easy and things you buy go up 20% plus in few days of your buying.
- My other Idiot/ Boast indicator is at red territory. Yesterday I got 3 emails telling how the Market Monitor is useless and how I am an idiot for my call on AMZN and imploring me to"just buy, just buy, just buy".
Total 4% plus bullish breakouts = 173
Total 4% plus bearish breakouts = 105
65 day bullish/bearish ratio = 987/252
Stocks up 50% or more in a month = 8
Stocks up 25% or more in a month = 101
Number of stocks with 100% plus move = 440
Number of stocks up 200% or more = 96
4% plus signals for 100plus universe = 32
4% plus signals for 200plus universe = 7
You know market has changed in its nature and new group of stocks are taking momentum leadership when you are completely wrong in your judgment. AMZN is clear case of that. After I made a fool of myself by saying large caps seldom make 50% plus moves, guess what AMZN is in the proud member of the 50% plus in a month list. The revenge of the large caps after many years of sub par growth.