Markets continued to grind higher Thursday, as the S&P 500 got the better of the Nasdaq today, a rarity as of late. Both indexes are up quietly going into Friday, looking for their fourth consecutive weekly gains. One of the reasons for the S&P 500’s outperformance today was energy. Energy took focus today as crude hit prices not seen in 15 months. OIH is nearing a 45.90 flat base trigger. All time highs were made in names like EOG PXD today. XOM, which is the largest company in the world by market capitalization, (thanks to AAPLs recent collapse) could be poised for a big breakout dating back to all time highs made in May of 2008 at 96.12. The stock was also turned back in October of 2007, and December of 2007, near today’s prices at 95.27, and 95.10 respectively. GOOG MSFT both missed yesterday, which should weigh heavily on the Nasdaq tomorrow morning, being that they comprise almost 10% of the index. Its one thing for the Nasdaq to absorb INTC EBAY today which comprise a little more than 3% of the tech benchmark. Tomorrow should be interesting.
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