Daily Market Commentary: 2,000 post!

After 5 years of blogging (9 year presence on the web) I have finally hit the 2,000 post mark. Markets weren't prepared to listen to my opinions and rallied for yet another day - negating the bearish black candlesticks from Friday. If there was a concern it was the general lack of volume.

The S&P cracked out of its mild rising channel, creating the potential for a new - stronger - bull trend.

($SPX)

via StockCharts.com

The Nasdaq is on course to create an initial 'Golden Cross' between its 50-day and 20-day MAs.

($COMPQ)

via StockCharts.com

Small Caps added nearly 3% but still remain range bound. However, it has pulled away from its 200-day MA.

($RUT)

via StockCharts.com

The Nasdaq 100 is well past its trading range and has a 50 point gap to play with when it comes to back-testing resistance-turned-support of the former range.

($NDX)

via StockCharts.com

The only let down was the narrow range in the semiconductor index. Watch how it reacts around the 50-day MA tomorrow.

($SOX)

via StockCharts.com

Today's gains went against my expectation (and perhaps a few others too) and while the volume wasn't there, neither was the desire to step in front of the train. How long this will last is anyone's guess but killing this rally will take more than a few down days. However, the lack of semiconductor participation is (still) a worry.

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