DOW up 108. Nice up day.
SP cash up 10. Counter trend bounce. Still going downtown.
Nasdaq up 22.02. Bounce, consolidation, going down.
John Murphy:
(Yesterday commodities fell apart and Tom had many callers asking for John.)
In commodity secular bull market that was extended and due for correction that we got yesterday. It was logical spot for gold pull back.
Generational shift to hard assets.
Suggest defensive rotation to telecom and health care and semis. TTH telecom holders is strong ETF. VZ is a big holding.
AIG 66.38 up .58. May want to go higher.
VZ 32.59 up 1.09. Up with volume took out small swing point. Nice setup. When it gets to 40 there is nothing to stop if from 49.
T 27.13 up .21. Wants to go higher. Wants to take out B point tomorrow.
PFE 26.37 up 1.43. With volume. Going to 28.
NBR 76.15 up 1.04. Came off top with volume yesterday. Up today on much less volume. Needs to go under low and recover to prove sellers are gone before you buy.
SIRI 5.98 up .22. Don't be long.
CNXT 3.00 up .30. Not bad. Numbers yesterday and slammed. Needs successful test of breakout area at 2.61. Is in gap from July 2004. Resistance will be at 6.
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