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Sunday, January 08, 2006
Market Recap
The powerful rally in the first week of 2006 raged on with a blast of buying that took all three major indices to new 4 year highs last week. In addition to this, the Russell 2000 small cap index reached an all time high on Friday. The Dow was up 77 points, and it is getting ever so close to the 11000 level. The Nasdaq gained 29 point, and it closed over 2300 for the first time since May of 2001. The S&P gained 12 points, and it is approaching 1300. We mentioned in Friday's pre-market alert that we needed to see the market close the week strong with follow through buying to confirm the recent rally and stay above the recent highs it has made. It did just that on Friday by making brand new highs on good volume. The institutions and mutual fund managers are buying and putting that new 2006 inflow on cash to work. This is the January Effect at its best. Let's enjoy it while we can because this may not last long, we just do not know how things will go later on in 2006 but for now, it is off to a great start.
If It Isn't Moving Up Now, It Probably Never Will
Many stocks are breaking out into new highs. We mentioned in the last week of December that many stocks were setting up to make a nice advance and we are seeing these stocks move now at the start of the new year. With so many stocks going up in the broad based market rally, if you own anything that is not going up, sell it. If there are no buyers in a stock during this rally, chances are there won't be. Nobody wants it so why should you? Dump anything not moving up and get in some of the many stocks that are.
The Chart Parade
The commentary is brief tonight because there are many charts to look at so let's get to them now.
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