Markets finished the week Friday with small losses, but ended the week higher fractionally. The S&P 500 sits now just less than 5 handles from its closing all time highs. Breakouts are beginning to accelerate which lends solid support to the advancing benchmarks. To name just a few that occurred on Friday we had flat base breakouts from HXL 29.57, a cup with handle breakout from SKS 11.78, and MOS from a double bottom pivot of 62.52. Sequestration hurting defense stocks? Maybe not so fast when you examine the sector. LLL took out its own flat base trigger Friday of 79.90, and has gained 6% the last 2 weeks. Peers RTN has gained has also moved higher by 6%, LMT 5% over that same time period. As the S&P 500 outpaces the Nasdaq YTD by a 9.4% to 7.6% margin, this week brought some poor action to some of the big names that compromise at least 1% of the index. EBAY lost 5% this week, and has lost ground now 4 consecutive weeks. It is readying itself for a 200 day SMA test soon. AMZN lost 4.5% this week, recording a bearish outside week, and undercutting its 50 day SMA in the process. QCOM lost 2.5% this week, ans surrendered its 50 day SMA as well. FB lost 5% for the week and is setting up a date with its 200 day SMA. With all that being said, a positive bias must be given as the tape is telling us that. Breadth was strong once again Friday as stocks hitting 52 week highs versus 52 week lows on the NYSE came in at 327-31, and on the Nasdaq at 223-14.

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