Interesting cross currents today.  Big-cap technology stocks are approaching 2007 high helped by Google earnings.  S&P was hurt from weak financials.  The major banks are hit hard on a pickup in volume.  We had another dose of Bernanke put Friday morning as he promoted QE II once again on his speech.  Interestingly, the dollar rose and bonds fell. 

Apple earning on Monday night would probably determine if the QQQQ can mount an attack on the 2007 high.  After the strong GOOG report, expectations will be high but bulls have the momentum and the halo from Ipad and Iphone will probably last well into November.  I did read a couple of compelling arguments for a bigger pullback next week post option expiration, but with the FED on a mission to inflate, the bears maybe clawless again.

Related posts:

  1. Run Away Tech vs. S&P Divergence
  2. 11.28.08 – Financials Continue to Lead
  3. A good time to buy the financials
  4. Why Sovereigns Are Buying Our Financials
  5. Bernanke Put into Election