The old trading adage "sell in May and go away" is being flipped
on its head this month, and the rally shows no signs of abating.
Many traders sit on the sidelines on options expiration Fridays,
but not even even that could slow down this market today.
While many stocks rested and perhaps saw some "pinning" action
today, there were also a lot of impressive upper-level moves.
The banks were strong today, led by
) as most expect Jamie Dimon to retain his dual CEO and chairman
roles with the company after a protracted battle with the board.
) were also strong within the group today.
Within the financial sector, the credit cards were also strong as
they continue to grind higher.
) both finished the day up around 2.6%.
(TSLA) rested after a volatile and fruitful week, but Elon Musk's
other public venture,
(SCTY), exploded to all-time highs once again after announcing a
$500 financing deal with Goldman Sachs, the largest such financing
deal for a solar installation in US history. SCTY finished the day
up 25%, and still has very substantial short interest.
(XONE) is my favorite 3D printing stock because of its industrial
and manufacturing applications, but the company delivered a week
earnings report earlier in the week and sold off sharply.
Yesterday's downside acceleration, though, proved to be a buying
opportunity as the stock bounced 7.35%.
Big cap tech was quiet today with
(AAPL) hovering near the flat line most of the day.
Traders like to see stocks put in tight consolidations after
earnings for potential add-on buy set-ups.
(MELI) provided that secondary breakout today, and perhaps one to
watch for a similar move next week is
(UA) tacked on another impressive day, while
(LULU) looks like it could be poised for a breakout next week.
Shallow pullbacks have been buyable so far this year, and just when
many pundits thought a rest might be in the cards, the rally has
actually accelerated to the upside. The trend is your friend, so
continue to rotate through the most bullish chart set-ups until
there is a real composure change.