The weather was beautiful - blue bird days, warm temps, great NCAA games at the Delta Center and even some time for yardwork!
Double Capt and Coke's at Lumpy's kind of put a damper on any market reading/prep I was supposed to catch up on during Saturday evening. Then it continued as the Deer Valley mountain hosts got together for the annual photo shoot - thanks High West Distillery lemonade fizz and rye.
It is the final 2 weeks of the ski season, last chance for a tour with your favorite mountain host!
It was also a fairly calm (bullish) weekend so no reason for futures not to point to an upward open. We were up 50 points to open the day and have backed off since then. The DOW seems to have a little resistance at 10,900, but without being able to selloff much, there is still the strong underlying bid.
Let's take a look at the SPY chart - notice our highest close at 117.41. Other than that, we seem to selloff. Again, we are NOT selling off much though!!
As far as sectors go, commodities have been very strong - take a look at USO as it pushes to recent highs - can it fight through? Seems like a supply/demand thing - the higher the markets go, the higher the demand for oil/commodities, the higher these stocks go:
Our socially responsible stock for the day - First Solar - we have been tracking it all month and the story remains the same: strong market, strong demand, strong oil, strong alternative energy
As I mentioned, no relationships in the forex markets except by region: EUR and GBP a little weak to dollar. AUD, NZD and CAD (commodity based) very, very strong to dollar
Have a great week and keep your powder dry as we have Manufacturing numbers, claims and of course, unemployment.
P.S. GO DUKE!
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