Markets started the week Monday in a satisfactory fashion. The Nasdaq met resistance at the big round 3500 number that was pesky from mid May to the beginning of June. The Nasdaq under performed today, as INTC AAPL, some of the biggest names in the index fell. It has been up 8 of the last 9 days however, and 5 of the last 6 Mondays. The one Monday it fell during that streak, 6/24, it fell 1 point. The S&P 500 climbed higher above its 50 day SMA, but is still lagging the Nasdaq, about 3% off its recent high, compared to the Nasdaq down 1.5% from its. Markets continue to advance, even as I hear pundits claiming this will be an earnings season full of negative preannouncements, a good sign from a contrarian perspective. Sure the big news of the day was INTC falling almost 4%, causing the SMH to lose its 50 day, but energy caught my eye today, as the XLE reclaimed its 50 day SMA, and now has a 82.00 double bottom trigger. Up volume in that ETF is lacking, and that is a cause for concern, and some energy names reversed today after early gains like PXD EOG OAS SN. Banks acted well today as C retook its 50 day SMA, and WFC is less than 2 handles from an all time high. The XLF is encountering some resistance at the round 20 handle, but a move above its 20.45 flat base trigger could have the market charging ahead, pun intended.
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