Last week was a strong up week. Monday and Tuesday this week were down but today was a very strong up day with good volume. The general "action" looked pretty good. The S&P 500 has closed in on major resistance of 1490, ending at 1485 today.
I continue to be optimistic on an improving market into year-end. The tech stocks have recovered and are performing very well. The financial stocks have improved but I think there will continue to be a lot of us and downs. I have added to my positions in the financials over the last week. One position I have increased is Bank of America. I believe that Bank of America will be a major beneficiary of the shift of mortgage origination and servicing now that all the non-bank players have been blown out of the water. Consumer staples are strong as many are looking for more defensive positions going into next year.
A major "tell" for the financial sector will be the brokerage and investment earnings, coming up in over the next several weeks.
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