The Wrap 3/20/12


The S&P tagged 1414 even yesterday and backed off a little today, but the NDX (nasdaq 100) managed to tag another new high, with late help from AAPL. GOOG and AMZN also helped the cause of the Nazzy today and AMZN had a high volume breakout of its downtrend line on the daily chart.

It was mixed action today and there was no shortage of false starts. Crude oil and energy were hit as the markets got nervous about China slowing again. There was also talk of iron ore and oil consumption slowing in China.

One sector that continued hot were the the fertilizers, as POT, AGU, CF and MOS lifted higher. CF caught an upgrade to overweight at the open and MOS made some bullish comments about the future.

The market loved the energy stocks yesterday, but sold them today. Steel was hot yesterday, but cold today. The financials acted well again.

This market is getting a bit frothy, but I still believe they will want to buy em’ and bid em’ at least until quarters end. There is short term support  at the 10 day moving average S&P support, which is  around the 1387 level.

See you in the morning.

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