Off the Charts

The S&P (SPY) closed at new highs again today as the banks and oil stocks led the charge. The S&P closed the day up 0.44%. Intraday we saw a familiar scenario play out with a higher open, gap fill back down, and then rally through the afternoon.

There continues to be solid sector rotation as the S&P breaks out to new highs. Volume and momentum remain a bit lackluster, but price action is king. Be selective and don't chase exuberance, but continue to respect the trend. Consider using the SPY as your hedge at strategic points....602 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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