I'm waiting to hear the Pisani spin. I figure it will praise all groups that rose and praise the groups that went sideways as holding strong and elude to praising the groups that declined in light of staging a late rally.

I thought JNJ was acting a bit shakey but it had some legs. Stop loss in place. Negative BSX press is heavy. Optimistic analysts are praising JNJ for not overpaying for Guidant. Analysts feel that BSX and GDT both have FDA issues and medical device pricing will shrink. Where is Pisani!

/d

Dow +89, Russell 2k up 1% sounds great...until you look at the market internals. The NYSE was roughly 18-15 adv/decl and Nas about 1-1.

Those are incredibly weak for a move of this magnitude.

lot of people waiting for the ipo on this one.
http://video.google.com/videoplay?docid=310488686950481230

For the past 3mths the plain GLD etf has outperformed the nasdaq by 3:1 and has even bested the Nikkei (!) (only equalled by the emerging markets ETF). The average individual stock hasn't fared well because the A/D line and summation index are out of whack.

Sounds to me like most know the fundamentals are askew (yield curve inversions in 2000/1998/1990 weren't bullish for stocks), but they'll be able to ride it up and get out when it rolls over.

I meant to say they *think* they'll be able to get out. That may/may-not be the case.

Further to your technical point but in a different light - the first wave of this move in November took us to about the same price level and RSI(14) on the daily was over 70. Next move was over 11,000 and RSI couldn't make 70. Now we're within striking distance again.. but the same RSI reads 57. You get the same divergence, though not as bad with the Nikkei. I think the technical term if it fails to hit 70 is "failure swing". It is interesting to see $NIKK approach resistance tonight with such droopy technicals on the daily price series. And I suspect the internals are skewed because EWJ is underperforming the $NIKK.