Nice G&K Weekend
We had a nice little G&K rally in a low volume abbreviated trading session on Friday July 5th.
Friday's headlines read:
"Dow Posts Biggest Point Gain Of Year"
"Techs Lend A Hand To Nasdaq"
The indices were all up.
Dow 9,379.50 +324.53 +3.6%
Nasdaq 1,448.36 +68.19 +4.9%
S&P 500 989.03 +35.04 +3.7%
FT described it this way:
"Analysts warned against reading too much into on Friday's recovery, which was due mainly to traders covering short positions in very low volumes ... concerns over future corporate profitability need to be addressed before a sustainable rally can be expected."
Henry Ford of Pitbull Investor wrote on Wednesday evening before the 4th ...
The NASDAQS are consolidating on the lows and have now established an upper trend line that foreshadows an upside break in the next few days. Weekly indicators are at oversold levels that we have only seen at or near major bottoms over the last 20 years. Sentiment indicators are in bearish mode, (read bullish). We are coming into earnings season again, and this time we are liable to have a lot of upside surprises. For one thing, analysts believe that the SP500 will see quarterly gains 22.5% higher than the same quarter last year. Now of course a big part of that formula is because results were so abysmal this time last year, but remember the market is a psychological beast despite what fundamentalists and technicians may say.
... Gorillas did very well
INTC 19.54 +10.08%
QCOM 28.54 +8.19%
SEBL 14.41 +7.94%
CSCO 14.05 +7.75%
ORCL 9.98 +4.50%
MSFT 54.85 +4.54%
IBM 73.50 +4.24%
SAP 23.51 +2.89%
ITWO 1.50 0.00%
... Kings did also
JDSU 2.90 +12.40%
ERICY 1.81 +10.37%
NTAP 12.58 +8.82%
NOK 15.14 +8.38%
TXN 24.98 +7.95%
Best to all, wherever thou art
- Eric -
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