Markets sprinted out of the gate to begin the holiday shortened week. They surrendered about half of their gains by the close, but the 20th consecutive up Tuesday streak lives on. Both the Nasdaq and S&P 500 closed up less than 1%, and near their lows for the daily range. This type of volatile action can be correlated with tops. Volume was on the soft side taking some luster off the move. It has been a smooth controlled ride up in 2013, with the exception of some erratic trade in mid February, and April. We are beginning to see the third bout of volatility since last Wednesday, and only time will tell if this proves to be problematic. On big up days like today, I tend to pay close attention to stock that were not participating early in the euphoric morning move. Three that caught my eye, which may be a tell going forward were GPS URBN FRC. Of course we had the perennial laggards like AAPL, which is close to falling back below its 50 day SMA, after briefly retaking it on 4/30. LNKD fell further below its, and FB is living dangerously below its 200 day SMA, down 8 of the last 9 days. NFLX had a nasty outside day.
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