Today was apparently time for the larger cap stocks to shine. The S&P 500 and Nasdaq were up almost four times as much as the Nasdaq and almost 3 times as much as the Russell 2000 on a percentage basis. Despite the impressive large cap gains, those indices have just completed round trips over the last five sessions. So today’s moves put the indices on the verge of making new highs for the month. It could be a perfect setup for the month-end markup games for tomorrow…
(+) Indicates an upward reclassification today
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Post from: Trader Mike's Blog
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