Yesterday I had this to say about this market:
The financials are still ripping the hearts out of the shorts. Oil stocks are a week away from going from accumulation to new uptrends. Steel is now breaking out---but they first moved CLF and AKS, and now they are moving over to X. And tech is ready to scream.
And Google, is poised to bring the last of the technology bears in line, when they report Thursday night.
Today we had the build in oil. Remember how breathless they were on CNBC about this?
NEW YORK, April 15 (Reuters) - U.S. crude oil futureshttp://uk.reuters.com/article/marketsNewsUS/idUKN1550939720090415
firmed well above $49 a barrel Wednesday afternoon,
lifted by gains on Wall Street and despite
government inventory data showing
domestic crude supply rose last week to hit
the highest level in nearly 19 years.
Now next Wednesday, you will see a dramatic decline in crude inventory, and the corresponding start of the next leg up in the oil stocks. Right now, traders are enamored with those numbers that have the juice, and those are the heavily shorted financials, and soon they will be falling all over themselves buying tech, and next week, they'll get the plodders in buying the oil stocks.
So I thought I should advertise it now, because Wall Street loves a front run, even for those numbers that are sleepy!