Thursday, July 21, 2011

Another leg up

Markets had another nice up day after relieving news about the European debt crisis and undetailed rumors about debt ceiling talks. A positive day for the indices, although Nasdaq and the Russell 2000-index are clearly lagging the Dow and S&P500. The latter two are now running into resistance, so some consolidation could follow.

Gold and silver pulled back while the euro went berserk on all the debt news, pulling the market up with it.

I got stopped out of PCLN (-2.35%) and AMZN (-1.9%) early on. And since they didn't rally with the market, I excited CHKP (+2.1% on first entry, -1.1% on the add) and GMCR (+2%). Back to 100% cash...

Noteworthy, MCP, REE and other rare earth metals rallied hard in the final hours of trading. It might be interesting to watch these closely the next couple of days.

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