Friday, April 18, 2008

S&P 500 Potential Break Out ; Infrastructure Moving to the Top of the Holdings

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Looking good thus far for the bulls... 1390 was a barrier but after a few hours of relentless attack the Kool Aid overwhelmed the minions. This now puts us higher than early April and late February 2008 highs. Now we are at 1395 which is a test of early February 2008 highs... once (if) that is broken, there really does not seem to be much trouble until 1430s level. If we end the day at 1400+ it would strike me as extremely bullish. Now I need to go check Monday and Tuesday's earnings reports to see which multinationals can keep propping us up based on the weak dollar ;)



I continue to incrementally add to most of the positions I was adding to this morning to make them larger positions. Unfortunately the fund return is a whopping 0.10% today since being conservative was not the way you wanted to enter the day. The infrastructure group is looking *very* good now with today's moves, and as the charts have strengthened through the day I've moved Foster Wheeler (FWLT) and Jacobs Engineering (JEC) to slots #2 and #3 in the fund. Much like the solar stocks about a week and a half ago, which I moved to a major positions overnight, these are charts that have been consolidating a long time, and finally the herd is moving in their direction. [Apr 2: Adding to Trina Solar (TSL) on Long Awaited Breakout] The sector is different, but the technical breakout condition is identical... For my personal preferences, this is my favorite type of chart - great fundamental stock, long base built, and peaking head over resistance.... (of course there is always a chance these charts can reverse on you) hopefully it gives us the same results. If you missed yesterday's (good timing!) entry on infrastructure - see here.

Long Foster Wheeler, Jacobs Engineering in fund and personal account





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