Thursday, July 8, 2010
Another Solid Up Day on Low Volume
A late day rally pushed the major market averages higher today. As I stated yesterday, its a positive sign to see these late day rallies, but I remain skeptical about this market. There was low volume again today, and the retail sales numbers were a mixed bag- its hard to tell whether the consumer is back or not. The key is next week. Everyone will be back from vacation and trading volumes will be back to normal. With 2nd quarter earning next week, this could make for a volatile few weeks. The rally today was hard to believe in because it was not lead by the financials or technology- these sectors lagged the overall market. In order for the market to continue to move higher, we need to see leadership from the financials and technology. Key lagers today were AAPL, MSFT, INTC, JPM, WFC, GS.