Not much volatility nor volume today left the market right where it left off yesterday. This is a good sign for bulls and with some further consolidation we could easily see another 2-3% push higher.
For me I am keeping a highly pruned watchlist and monitoring it closely. On the NASDAQ if we see a decent move through 2700 I will definitely consider putting some cash to work on the long side.
Also tonight I have a chart of the Market Vectors Coal ETF, KOL. With some further consolidation it may be ready to make a break higher which would be good for coal stocks such as WLT, ACI, BTU, ARLP, ANR, ICO, and PCX.
|Trend||Nasdaq||S&P 500||Russell 2000|
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.