It was one of those days, for me anyway, where the market was strong but my stocks didn’t do much. The S&P made more all time closing highs and the Nasdaq is at all time closing highs. The DOW made more all time closing highs too and even the Russell popped a little bit.
This is all happening while rates are ticking higher, which from my perch is very bullish action. The dollar backed off bit today though, but it needed a rest.
The real stand out today were the financials (XLF). We knew as soon as rates started to rise that the financials would do well. This looks like a real solid breakout so they should go higher over time now. We’ll wait for a pullback and take a look at some of those names.
Tomorrow is the monster IPO of all time, Alibaba (BABA). It was priced tonight at 68. My guess it opens maybe 75, but who knows? Should be a fun Friday.
See you in the morning.
Joe