Tuesday, July 29, 2008

Consumer Confidence Boost Stocks

A stronger than consumer confidence number provided a significant boost to the market today. Financials led and the action looked pretty strong in all corners with the exception of oil and health care. Standouts in my book today were BNI which basically just went up in a 45 degree angle, FIG which was just getting bid up unrelentlessly, ESLR which had a solid trend and was a great trade on pullbacks to the trendline and NFLX which acted bullish yesterday as well. That stock just flew a la ZMH and STJ, two other stocks I've point out on here recently.

This rally could very well flip tomorrow but at this point I'm leaning to more upside. All else equal, I'd look for any shallow weakness we may have tomorrow to firm up leading prices even tomorrow. I'll re-evaluate on the open and post again.

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