Online Stock Trading | Financials Weigh Heavily on Stocks as the NASDAQ Rockets Higher

Financials Weigh Heavily on Stocks as the NASDAQ Rockets Higher


Filed Under Market Commentary | 1 Comment

Big Cap stocks along with financials are weighing on the S&P 500, Industrials, and NYSE composite index.  On the other side, the NASDAQ enjoyed gains throughout much of the day despite stumbling into the close.  Crude oil closed slightly above $122 a barrel helping out stocks.  However, the nasty action being seen on the large cap indexes is quite troubling.  Can a rally be sustained without them?  Yes, but its the power behind that move would be in question.  Just an overall mixed day with more distribution seen on the NYSE indexes.

This market is sure in no man’s land.  We have the NASDAQ that is looking to move higher while the S&P 500 continues to look real weak.  There are some strong stocks that are oil and natural gas related pulling back quite nicely.  Its exactly what you want to see when leaders start to pull back on lighter trade.  Oil and Natural Gas stocks are the place to be at the moment.  Next, anything related to China at this point.   Aside from that there are some sectors getting interesting, but nothing to start jumping on.  I will as they begin to show a little more strength.

I am still being real defense with my long positions and making sure I take some profits and cut my laggards REAL FAST!

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Comments

One Response to “Financials Weigh Heavily on Stocks as the NASDAQ Rockets Higher”

  1. Josh Maxwell on June 5th, 2008 7:00 am

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