Morning Report – Tuesday, February 11, 2014
The NASDAQ continued its rally yesterday and pushed through short term resistance around the 4135 area to close at 4148.17. Volume was lighter that on Friday, and the candle had a small body which tells me that demand was less than the prior two days. The internals reflected this with advancing issues leading declining issues by only a 1.435 to 1 margin. The Force indexes in the industry groups also slipped with the 2 day Force down 25 from Friday. Small cap stocks did not show as much strength, although the indexes managed to close near their daily highs.
The Arms index at .6145 tells us there was strong buying in selected issues which powered the NASDAQ and the NASDAQ 100 higher. GOOG challenged its old high, and NFLX and TSLA were out to new highs. AAPL had a good day, so it appears that most of the money is chasing a narrowing list of stocks. Read Full Report