With the 200-day moving average looming overhead, no one really thought the market would break through the critical average in such a decisive manner. Even though, the NASDAQ had already broken through the moving average, all three averages nonetheless, had been struggling for much of May to regain its footing as they remained in a pattern of consolidation during that time. Today however was much different, as the bulls surged through on positive economic news.
The best play in this market still remains tech stocks, as they continue to far outpace the general markets and all other indices. Other sectors worth paying attention to right now is energy followed by basic materials (i.e. gold and silver). If you missed out on this rally, I recommend waiting until the NASDAQ comes close to filling the large gap that it created today, and then jumping into some solid plays like (AAPL), (RIMM), and (GOOG). Four potential plays on materials would be (GOLD), (SA), (NAK) and (SSRI).
Have a good evening everyone.
Here’s the NASDAQ and S&P charts…
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