Technology and large cap lead

The bulk of the action today was concentrated in technology and large cap stocks. There was hint of a short squeeze. There is no shortage of candidates to buy. The IBD200 list had 70 stocks up 2% or more. Besides that there were large number of earnings lead breakouts.
While there is lot of overextended stuff which is rallying, there are also number of fresh breakouts and number of sectors like media and advertising should see fresh breakouts. The metals sector also had fresh set of breakouts and they are all coming in from 2 quarters weakness.
The month end dynamics should also help this rally extend its life span. Many of the stocks which are up 100% plus since July are vulnerable to sell offs but the trick is to find the fresh sectors and stocks breaking out with catalyst.

All the recent earnings plays PRXI, ELY,and CCF have done well and today offered lot of opportunities to get in to more earnings play which are already up few points post entry.

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