Higher $USD sinks oil and Gold. However, many oil stocks are holding recent range supports.
The major US markets gained an average 2.5% on Friday to end a bullish week. But despite the NASDAQ's WRB, volume was on par with Thursday so not an accumulation day. The NASDAQ is still in the overbought zone and volatility has pulled back to its base. Friday's leading sectors included Tires and Rubber +11%, Wireless Services +8%, Home Improvement Retail +8%; Casinos and Gaming +8%; Apparel and Accessories +7%. The laggards were topped by Oil & gas, gold, coal, and steel.IBD reports that its IBD 100, which tracks the market's leading stocks, slid 4% on the week because it is heavily weighted with oil/energy and AgChem names. Sector rotation is playing out and the 4 letter symbols are clearly outperforming the former leaders in oil/energy, commodities, and metals. The weekly winners include IIVI, AFAM, CNQR, CMED, RIMM, SYNA, BMI, MPWR, ARO, VAR. The losers from the same IBD 100 are TITN, MEE, ENS, PCLN, TTES, CF, SNHY, CMP, CFX, ATW.
No economic data tomorrow.
No comments:
Post a Comment