Markets ended Friday almost making it a perfect 5 for 5 on the week, but some light selling at the end of the day dashed those hopes. Still the benchmarks put in a respectable week with the Nasdaq outperforming the S&P 500 by a 2.2% to 1.7% margin. The S&P 500 still leads YTD however by a 10.9% to 8.6% gain. This week perhaps is the beginning of some rotation out of some defensive groups, with stocks like PG BUD FMX all falling more than 5% on a weekly basis. Still waiting to see where the rotation will move into. Some select retail names scored nice gains this week, and may be a beneficiary. ICON had a stellar 13% weekly move. CRI gained 9%, and GME which has quietly risen 8 consecutive weeks advanced 6% on the week. A group I am continuing to monitor for some potential moves higher are energy stocks. Looking at the XLE it continues to be thwarted at its 50 day SMA near 78. I am having my doubts as it recorded some tough weeks ending 4/5, and 4/19, where the ETF fell 2.5 and 4.4% on a weekly basis. Many energy names are trading wide and loose now as well, and its hard to find names in the group with good looking charts trading above their 50 day SMAs. COG is an exception to that rule. It was a bad week for some recent IPOs with HAWK FWM falling more than 8%. ANGI on the other hand rose 21% this week, and perhaps some under performing money managers can post their resumes on their website.

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