Markets advanced Thursday as both the Nasdaq and S&P 500 rose for the third consecutive session, following Mondays lukewarm reversals. Both benchmarks were halted at their 50 day SMAs today, and are up 1.3% going into Friday. Could it be so easy technically? I do my best to tune out the noise, but it does seem like there are a lot of bears lurking, perhaps weakening my bearish hypothesis. The XLE was rebuffed at its 50 day SMA, and one of my favorite names in the group NBL turned tail after very briefly taking out a 61.70 flat base trigger. Why we demand a CLOSE above the pivot point. Probably one of the best looking ETFs out there KRE, broke out today from a flat base trigger point of 33.59 on double average daily volume. Names that make up the bulk of the ETF like MTB ZION RF are all trading at multi year highs. In earnings news after the close, NKE initially higher, is now trading lower, after being swooshed lower, pun intended at its 50 day SMA intraday.
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