New highs for the Big Three market indexes remain the order of the day. The second full trading week of the New Year ended with the NASDAQ Composite Index, shown below, the S&P 500 and the Dow at all-time highs. Volume was higher, so from an index point of view the rally remains more than intact.
That said, the action over the past couple of days on an individual stock basis offered some set-ups among issues I discussed in my last report that were actionable on the short side. While Friday was another up day for the indexes, my own visceral experience was that I did much better on the short side than the long side that day.
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