Thursday, September 06, 2012
Strong Rally - Breakouts Galore
We witnessed a strong rally spurred by ECB's bond buying initiative. News does not matter. Markets have been consolidating near highs for the past few sessions as noted in my previous posts. Nasdaq 100 is at an all time high. SPY, RUT, COMP are all knocking their previous highs set in Mar-Apr of this year. This was a low volume rally to begin with a few weeks ago. Number of stocks participating in today's move is higher relative to the slow upward grind of the last few weeks on weak breadth. There were several breakouts today. Financial stocks did very well. Here are charts of a few stocks that have been consolidating and breaking out today. These charts are live charts from Finviz.com.