Markets bullied their way higher today with the S&P 500 finally taking out the round, psychological 1700 figure. It finished at an all time high, and for the week heading into Fridays jobs report is up .9%. The tech rotation continues for the Nasdaq, as both mentioned benchmarks went out on their highs. It was a good day for the indexes, as in weak markets strong openings are given all day to fade, and to its credit they did not. The Nasdaq continues to lead the way going into Friday with basically double the S&P 500’s gain, up 1.73%. It is now up more than 21% YTD. A couple sectors I thought were fading today, made some real good moves, proving me wrong. The transports, as measured by the IYT, had a banner day, hitting an all time high. The third largest component, FDX, delivered, pun intended, taking out a 109.08 cup with handle trigger in very firm trade. XLE,meanwhile has put in a handle on its double bottom base, with the trigger being 84.06. The move was more impressive given the largest component XOM’s earnings miss today. It is still almost 10% away from its all time high hit in May 2008 of 91.42. As these two economically imperative sectors continue to compete with the other, let them push their share prices higher together. They already compliment one another, as the big rails names, are increasingly transporting fossil fuels, and many are beginning to use natty gas to power themselves. Win win for investors and the environment.
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