Complete Monday Game Plan

Markets recorded their worst week of 2013. The Nasdaq basically lost double of what the S&P 500 did, falling 1.95%, compared to the S&P 500’s 1.01%. That is about par for what the benchmarks have been doing most of the year. YTD now the Nasdaq is up 6.1%, while the S&P 500 has advanced 8.9%. The silver lining for the Nasdaq is that it pierced its 50 day SMA to the downside intraday Friday, but managed to close back above it. Even with Fridays tough day, we did witness some breakouts. TM NOC both took out flat base triggers of 106.10 and 71.35 respectively. However most leading stocks were lower this past week, and that is normally a red flag. EV lost 7.5% this week recording an outside week in the process. ENB dropped more than 4% this week, also having a bearish outside week. Airlines recently look like they ran off the tarmac, pun intended, as leader ALK was off more than 7% on the largest weekly volume going back to last summer. The leading transport group had some solid reactions to Friday early sell off as KSU UNP WAB all found firm 50 day SMA support, and ODFL had a monster outside day. Markets were bruised this week, but remain just below their 52 week highs. The S&P 500 lies just 1.3% off its high, and the Nasdaq 2% off its. That’s a pretty shallow correction. Oh wait, everyone is still waiting for that 5-10% correction. Lagging money managers are getting antsy.