The market is in a confirmed rally
Timothy J. Truebenbach is the
President of True Capital Management and general partner of True Capital
Partners LP, a hedge fund. He uses a disciplined model that trades on the
intermediate-term time frame. For a free trial to Tim’s Nightly Stock Analysis
Report
click here or call
888-484-8220 ext. 1.
The market saw good support in today’s trading as
the indexes all closed higher on slightly heavier volume than Monday.
The market is in a confirmed rally at this time. We saw a follow-through on 6/29
that put things in a positive uptrend. Even though this normally indicates a
higher probability of the market moving higher, we have yet to see much out of
any individual stocks.
Hititte Microwave
(
HITT |
Quote |
Chart |
News |
PowerRating) and Alliance Data
(
ADS |
Quote |
Chart |
News |
PowerRating) broke
out at the onset of the rally but only ADS remains above its pivot point of
57.09.
Another interesting thing to note is that larger-cap stocks have been holding
their own against small-caps. This is the opposite of the last rally we saw in
the market that concluded in late-spring. Today’s action, for example, saw the
NASDAQ 100 outpace all the other major indices. Google
(
GOOG |
Quote |
Chart |
News |
PowerRating) is
worth noting as it held support at its 200-day
moving average
and is now looking to July 20th when it releases earnings.
I wish I had more stocks to talk about, however this rally may be short-lived or
need more time to set up. Enjoy your week and tread cautiously in the market at
this time.
Tim Truebenbach