The upbeat action continues. Volume was up, breadth was better. Key big-cap tech such as Apple broke to new 52wk high. The NASDAQ also broke out from a cup and handle pattern. The rare earth sector remained hot.
Historically, the second trading day of a new year also has a good record before positive seasonality began to taper off. We will also have 4th quarter earnings season soon. I tend to think the bulls got a little too excited today. Will the fund managers that deferred tax gains until 2011 began to book some profits?
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