Markets ended Friday on a 4 week winning streak with solid weekly gains from both the Nasdaq and S&P 500. The S&P 500 outdid the Nasdaq this week by a slim margin, gaining 2% compared to the Nasdaqs 1.8%. The S&P 500 is also ahead on a YTD basis by exactly one percentage point up a very strong 16.9%. There were a plethora of breakouts this week, and Friday was no different with names like CS CPRT BRCM all taking out pivot points. The healthy rotations among sectors continues with essential groups like autos, transports, finance part of the strongest industries. This week chemicals joined the fray with names like CHMT EMN both gaining more than 10% this week. Defense names specifically Friday had solid days with LMT RTN both higher by 2% of strong trade. There are still plenty of sectors waiting the join the party like semis, retail and energy. Perhaps that will be the fuel the bears will have to disperse over the coming weeks.
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