Bullish action continues in indexes
The market is logging in new highs everyday and everyday non stop. All the indexes have been up in a sustained bullish action over the past week since May 3 unemployment report which gave a reason to become euphoric for a few weeks. The unemployment numbers were good and the previous old low numbers were also revised higher. The rally ignited right after that and has not stopped yet. It seems like every day a new high is set.
RUT has moved 50 points in 10 days in a sustained rally that is still intact. That is a lot of ground to cover and maintain.
This bullish action comes amid good job numbers and FEDS quantitative easing which has been as high as 85 billion dollars each month now. There was an article in Wall Street Journal about Feds laying off the QE program and yet the market shrugged it off and moved on to higher grounds. The article was supposed to dampen the mood but it didn’t happen today.
GOOG is now at all time high and very extended from its moving averages at this point. It is also hitting the Bollinger Bands hard. Some other stocks like TSLA motors have gone parabolic to nearly 88 in the recent rally. NFLX also made a nice move today and it is a 52 week highs in the name. On the other hand LNKD is languishing at 176 levels, after a dismal earnings report last week. AAPL meanwhile is making a flag after a surge from 440 base and make take on higher grounds if all goes well.