Markets rose for the fourth consecutive session with both the Nasdaq and S&P 500 rising handsomely, albeit on slow trade normal during the summer doldrums. The S&P 500 closed near a 1655 double bottom trigger, and the Nasdaq finished above the psychological 3500 level for only the second time in 2013. The tone set today was not one of a real firm session. In fact some decent looking charts were hit today including ISRG DGX SODA. All lost their 50 day and ISRG DGX their 200 day SMAs today as well. Some of the better performing sectors today, emanated from some real laggards like agriculture, with AGU BG MOS all up at least 2%. The builders which charts have been doing anything but building, gained strongly today, with the likes of DHI up 7%, LEN 6%. MTH looks the best there as it attempts to consolidate along its 200 day. I remain a reluctant long, paying attention only to what matters, the tape. Sure I would like to see more volume, and perhaps some better rotation, but as a technician benchmarks look reluctant to retreat.
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