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S&P Breaks Out Above October High: Dave's Daily

Stocks in this article: CRUS SOXX IBB NFLX KRE AA XLB



Much was made of Alcoa's earnings result as a cause of today's bullishness, but the stock finished basically flat on the day. However, data from China indicates strong demand for metals (JJC, DBB) which pushed base metals prices and the materials sector (XLB) higher. Bulls extrapolated the combination of the two reports as bullish overall and drove the S&P 500 Index above the October 2011 high (1285.09) closing at 1292.07.

Financials (XLF) and banks, especially Regional Banks (KRE) continued their recent rallies in anticipation of good earnings results soon. Not to be left out Technology (XLK, QQQ) also ended the day higher led by Cirrus Logic (CRUS) boosted by Semi's (SOXX) and biotechnology (XBI, IBB).

We still have the eurozone to worry about but Angie and Nick are meeting again so something must come of it besides schnitzel and escargot. The outcome of Italy's largest bank's rights offering by Unicredit reversed course from its dismal offering and rallied 6%. This little display of bottom picking came after the price fell 47%.  I don't think the U.S. can decouple from the eurozone for long but for now it's an Alfred E. Newman "What, me worry?" deal.

Gold rallied sharply with metals even as the dollar was flat against the euro. Oil prices (USO) jumped and bonds sold-off.

Perhaps ignored by bullish enthusiasm is volume remains abysmally low while breadth Tuesday was again quite positive.

 

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