Markets rose in tepid trade Thursday, awaiting Fridays job report. The Nasdaq appeared to found found support just above its 50 day SMA today, but volume was soft as we mentioned, and the benchmark only recovered 1/6th of Wednesdays losses. Some tasty, pun intended, breakouts occurred today with PNRA taking out a 175.36 flat base trigger, and MCD, and its golden arches (not to be confused with the flattening GLD) finished above its 99.88 3 week tight trigger today for the second time in three days. Volume was a bit stronger today. This is quickly becoming the year of the retraction. 3 come to mind after statements were made a day earlier. Phil Mickelson sighing about California’s tax rates. The we had Dutch finance minister Jeroen Dijsselbloom discussing how Cyprus could be a template for the continent, and this morning on CNBC we had Lockhart slightly backtracking quoting “substantial improvement” must be seen before tightening on QE commences. Are you listening? Is Mr. Market ready to retract some of the big gains we have seen during Q1?
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