It is a Most Elusive Fish...

The markets were very strong today. At least I am not putting my foot in my mouth. I've made it very clear lately that until there's a clear "rupture", we're still in bull-land. Earnings season isn't doing a hell of a lot so far for our cause. It reminds me of a favorite movie clip of mine......



The Dow Jones 30, shown below, hit another lifetime high today. I wouldn't be shocked if we pushed all the way toward 13,000 in the coming weeks. Earnings from EBAY this evening have the stock up over 10%.


The S&P 500, while not at a lifetime high (its high in early 2000 stands unbeaten) is nonetheless at the very highest point of a massive ascending wedge. Looking at the charts tonight, it's obvious that the strength is widespread and devastating to the bears. (Goldman Sachs just being one of countless examples).


The only bearish holdout is the beleaguered Dow Transports. Of course, I'm sure the bulls will say Dow Theory is sad and outmoded and should be ignored.


If there are any living bears still out there, I like the looks of Adobe (ADBE).


...as well as Black and Decker (BDK).


For a bullish play, CRR looks like it is beginning to turn northward after a long slide.


Ryland (RYL) has recovered back to its neckline, although I use that term somewhat loosely since this isn't much of a head and shoulders pattern. All the same, with this much recovery under its belt, it makes going short the stock much less risky.


Much the same logic holds true for Sierra Health (SIE).


Lastly, I will mention one short suggested here, Textron (TXT), seems to be getting slammed in after hours trading. Nice to have one bright spot to anticipate for the morning!

Ode to Steve Jobs

All the world was abuzz today about the iPhone. This is one gorgeous, sexy, amazing-looking product. Although I've used a PC for years, I bought my first Macintosh early in 1984, and I worked at Apple for a few years. Steve Jobs has been my hero since I was about 14 years old, and the adventures he has had in his business life make Odysseus look like a bore.

Steve Jobs has more style in his pinkie than Bill Gates has in his whole body. And even though the Google founders could buy and sell Steve Jobs many times over, I doubt there's anyone in the country that would opt for lunch with the Google guys over Steve Jobs. He's amazing. As is the press coverage....the top story on CNN!


As well as Fox.....


So it's not surprise that Apple exploded higher today....on volume of over 100 million shares! It wasn't that many years ago that the entire stock market traded 100 million shares. Now just one stock can do it. Just look at this graph!


This is a very late posting, so I'm going to have to tear through it. Boeing (BA) still looks like it's changing trends.


COF, mentioned many times in this space, is moving achingly slowly, but at least it's moving down.


Express Scripts (ESRX), a favorite here, looks terrific. Lower lows and lower highs are clearly intact.


CSX still looks good on the short side.


And FTO is looking like it has a real chance at completing its head and shoulders pattern.


HES is moving nicely lower with all the oil stocks (yep, I got blown out of those OIH calls first thing this morning).


And Hilton (HLT) is obeying the "trendline changing from support to resistance" phenomenon.


Oh, and then there's RIMM. I set my stop too tight on this. It got killed today - obviously because of Apple. I mean, the Blackberry is the most boring piece of crap on the planet compared to the sexy iPhone. Who wants one of those ugly Blackberries now? That's so 2002.


RTI continues to behave as any bearish pick should.


...as does SIE...


...and TSO...


It's late, so I'd better publish this. I hopefully will have more time tomorrow for some general market analysis. Thanks for stopping by!