Daily Market Commentary: Rally Intact

From Fallond Stock Picks
January 22, 2013 - 6:05pm
The long weekend didn't sate bulls appetite for shares and markets continued their advance higher, albeit on lower volume.Despite the lower volume, there was a resistance breakout for On-Balance-Volume in the S&P.  This should maintain support for the rally.The Nasdaq maintained its consolidation breakout, but it needs a solid gain to put some distance from the consolidation.The Russell 2000 has no such concerns. Today's gain maintained a run generated by the push above September's swing high. Technicals are running in overbought territory, with the index 10% above its 200-day MA. This is a good time for selling covered calls on existing holdings, with a reversion to mean likely to happen soon.In the short term, a cooling off period can be expected in the Russell 2000, but this might provide an opportunity for Tech and Large Cap indices to attract buyers and take up some of...

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