Markets rose Friday after a well received jobs report, capping off another solid week of gains. The Nasdaq once again outperformed the S&P 500 for a second consecutive week suggesting tech is joining the fray. The Nasdaq rose exactly 1 full percentage point more then the S&P 500 this week advancing 3.03% (100 handles), its second best week of 2013. It is now at 13 year highs. It still lags the S&P 500, which hit another all time year Friday piercing the 1600 level, on a YTD basis by a margin of 13.2% to 11.9%. The Nasdaq’s move was very impressive given the moves in some of the internet related names Friday, in reaction to LNKD’s ill guidance. The stock did manage to find support precisely at its 50 day SMA though. FB AOL fell in unison. The biotech’s which have been on a tear more than made up for the internet groups lag, as the IBB is now up 11 weeks in a row. Curiously as the Nasdaq’s big 4 biotech’s, GILD AMGN CELG BIIB, keep rising they become a bigger factor for the benchmark. Those 4 aforementioned names now compromise almost 4.5% of the total index. Energy continues to be a main focus as measured by the XLE. The ETF is closing in on the round 80 handle, which has been a nuisance for some time. In fact it has only one close above 80, in almost 5 years. That being the week ending 4/29/11. It had pierced above 80 intraweek 4 times in April and May of 2011, but was repelled. Will a move into the group, energize this market even further, pun intended?
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