Is the Stock Breakout Here?

Friday's action has all the markings of a modern breakout.

Long consolidation below resistance level (2450): CHECK!

Economy and earnings looking good: CHECK!

Usual suspect stocks lead initial charge higher: CHECK!

It is this latter part that I find the most amusing. Historically breakouts to new highs was a sign of greater risk taking by investors. Where the small/risky/growthy names took control.

Not this market.

Instead it was boring large caps and glamour/bloated tech names leading the way. I suspect that once they make a bit more headway towards 2500 then the rally will broaden out and you will see these other stocks take charge. Consider that with your portfolio allocation going forward.

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Executive Vice President, Zacks Investment Research

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