The Morning Morsel-It Was Always Alcoa

I never told anyone, but this is how I usually insulate my office on the eve of Alcoa’s earnings. I guess that beat by a penny a few weeks ago really did start things off, a delayed reaction , but since then, the indices have moved up quite nicely. The agricultural stocks are en fuego. Dendreon is on fire again, biotecs all seem to be in play, and oil, hated by so many lately, is heading higher. Even the drillers are in the midst of a monster short squeeze (see RIG and DO).

The financials (XLF) are still having trouble breaking through and closing above the 200 day moving average. In my opinion, for this rally to continue and possible even melt up, the financials must break out of the box that it has been trading in since late May.

It was a great day on Premium Site yesterday, some winner included:

NBIX +.65 +13.4%, KERX +.40 +10.5%, GS +4.00 +2.6%, CMG +4.0 +2.6%, CAT +1.10 +1.6%,BVF +1.00 +4.6

I will be live on today at noon, I hope to see you then.

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