Lots of strange bedfellows today. The banks are rallying at the same time as the bond market-equivalent stocks? The breakouts of Action Alerts PLUS holding Citigroup (C) and Bank of America (BAC) occurring simultaneously with a recharge of Kimberly Clark (KMB) and Procter & Gamble (PG) ?
Or how about the oils rallying once again as crude breaks through $50? At $50 short term you get a squeeze. At $50 longer term you get oil, but if you are looking for some names go check out what Bruce Kamich says.
And then there are the takeovers and lack thereof. We are a huge believer at Action Alerts PLUS of an NXP Semiconductors (NXPI) bid and unlike the ridiculously expensive price for Twitter (TWTR) of $29, a price of $120 for NXPI is just 15x earnings.
Retail's all over the map. They love Target (TGT) and Home Depot (HD) today based on no information. Let's see what happens when the former tells you how it is doing even as I believe entirely that the latter is undervalued. I like the recovery in Ulta Salon, Cosmetics & Fragrance (ULTA) even as I am surprised that we can't get more of a bounce in TJX Companies (TJX) (also an AAP component).
Everything seems up for grabs today, except biotech, which can't get traction today.
Probably means it gets traction tomorrow.