Markets overcame some very slight early weakness Monday to begin the week, and close up very modestly. The Nasdaq and S&P 500 were up narrowly. The Nasdaq took out another century mark, this one 3600, as it rolled to its 8th consecutive day higher. Seems like the S&P 500 has a magnet drawing toward its own century mark of 1700. Seems to me that the markets have been heading higher in a controlled fashion. For example on the Nasdaq the market has now finished up 13 of the last 14 days, with just the days of 7/5 and 7/11 being up more than 1%. Utilities were the latest sector to join the fray today with the XLU rallying 1.6%. Name we highlighted last week, SRE, broke out today from a flat base trigger of 84.95, but volume did not back up the move, so look for trade confirmation in the coming days. Banks were in the news today with a beat by C. Today’s move puts it almost 4 handles north of its prior 47.78 cup with handle trigger it took out on 5/7. Bank ETF finished one penny shy of taking out a 20.45 flat base trigger. Will GS, deposit the gains needed, pun intended, for a breakout tomorrow after reporting earnings?
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