The beauty of stop loss orders is that you can be dead wrong about the market and still make money. I was convinced yesterday that we were going int a pullback, and almost bailed on my longs, but instead just moved the stops up a little. Well, no pullback today, and thankfully I am still long. Yesterday we executed a beautiful 50% retracement of the move off the Friday low, a clue that we were not going lower. Leading us up today are XLK and XLY, trailing by a substantial marging is XLU. Both the Nasdaq and Russell 2000 are leading. Oil is up, gold down, treasury yields up.
I have 88 new highs so far, with breakouts in SPAN, FARO, CBM, OSUR, and OSIS. I have nothing scheduled to report this morning. Last night on the price relative scan I had two stocks that smelled like reverse splits, I have now confirmed that they were. Neither was on my splits schedule, which means I am going to have to contend with unannounced splits. Swell.
