The Dow and the S&P 500 briefly tagged new all-time highs intraday, quickly erasing the losses from last week. Yes, the move higher has been on below the average volume, but one could make the argument that “new highs + low volume” could mean lack of sellers. Forget about the volume. What makes this move suspicious is the number of new 52-week highs – it was not impressive at all. The losers from last week (basic materials and energy, were among the best performers on Tuesday.
This environment is the definition of a “market of stocks”. There are good opportunities for both bulls and bears, more for the former though.
30 new all-time highs among stocks that gained 1% or more: SCTY APO WOR FRC FMX WBK NGL COG NICK …
76 new 52-week highs among stocks that appreciated 1%+ today. Some of the notable movers:
- After getting decimated in the past 6 weeks, solar stocks put on an epic rally. The solar ETF $TAN gained 15%. Elon Musk’s SolarCity ($SCTY) closed at new all-time highs. First Solar broke out to new 52-week highs after issuing better than expected outlook for 2013.
Staying light and nimble is still the name of the game at this point.
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