Monday, April 21, 2008

today's market action

although we saw a couple of brief bouts of profit-taking during the day and the financials lagged, the market again showed some resilience by recovering late in the day to finish in mixed territory. breadth was negative, volume was once again extremely light and buyers focused their efforts on the same handful of groups that have been showing relative strength over the past few weeks, but all in all, the market was able to hold at highs and there was obviously underlying support through the day.

for those that believe, the charts for the major indices remain in good shape here, but it'd be nice to see the buying broaden out. the hot stocks are getting really extended, and when the profit-taking kicks in with those names, we really need to see that money rotate into some other areas.

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