The sixth consecutive up day - and most of them pretty strong – has the index right up at recent highs above 4300. Unlike the rally in October, this move is coming from a higher low and has the potential to test resistance around 4450-4500.
A few stocks hit a basic profit taking target so I'm out of half of my longs in: BLD at 376 (now 382), PDN at 172 (now 173) and SEK at 617 (now 621). I've got some KAR on the offer at 520 and the stock is up 19 at 514.
The only fresh trade on the horizon is a long in AWC. It has already had a decent bounce from a recent low but has now made a new buy signal with a push through Thursday's high of 142.5. The stop will be just below the pivot low at 135.
4.12 The gains mostly held with a final rise of 33 points to 4321. Inflation and jobs are subdued and another rate cut is expected this week.
I'm pretty reluctant to buy with the index up here but I did get some AWC at the closing level of 145. I also sold out some KAR at 520 with the stock easing to end at 516.
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