Why I Continue To Be Amazed…
The major indices marked time on Tuesday…but that doesn’t
matter. I continue to be amazed by how many stocks are moving out of range…and
on volume. On Tuesday, it was the RESTAURANTS,
GOLD, believe it or not…STEEL,
and PHARMACEUTICALS. As long as I can find
charts like the Panera Bread
(
PNRA |
Quote |
Chart |
News |
PowerRating),
Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating),
Merck
(
MRK |
Quote |
Chart |
News |
PowerRating) and Outback Steakhouse
(
OSI |
Quote |
Chart |
News |
PowerRating), all is well.
The NEW
HIGH LIST remains strong…and the tone remains solid. Overbought or not,
extended or not, extreme frothiness and speculation or not and rampant bullish
sentiment or not, the average stock remains in fine shape. I would love some
light volume pullbacks into support here. The market refuses to accommodate that
wish so far.
Gary Kaltbaum
Â