Markets overcame so early weakness to close fractionally higher. The Nasdaq dipped its toe in the over 3200 pool once again today, but finished just below it. A look back at the last 6 Fridays shows the S&P 500 up almost all 6 with the exception of 1/11, when the index basically closed UNCH. 4 of the last 6 Fridays have the S&P 500 finishing up .5% or more. I remember back when Fridays were awful, because of the potential “events” that may have unfolded over the weekend. We shall see if the trend holds up tomorrow. Breakouts were plentiful and from diverse industries Thursday as FTI AOL took out flat base triggers of 50.59, 38.00 respectively. BRKB K took out their own 3 week tight triggers of 99.10 and 59.48. We even had some takeover announcements today as BRKB found HNZ appetizing. SPW could be one to watch tomorrow as it just missed closing above a 79.52 flat base trigger. As earnings season begins to wind down the strategy of buying stocks that were pushed lower following reports, so as not to take on too much risk, today CSCO found almost exact 50 day SMA support following earnings, and OII came close to precise 50 day SMA support of its own, in recording a huge outside day. CAR also had a strong outside day post earnings. Now it can also work on the flip side as well, as witnessed by ALXN today. a notable pharma laggard since last October. Today it found precise resistance at its 50 day SMA. I love technical analysis.
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