The S&P 500 for the second straight day outperformed the Nasdaq which was lower courtesy of an AAPL being rotten to the core. The stock is headed for a very negative outside week lower by 6% thus far. It is right near its 50/200 day SMAs where it may bounce. The old boring Dow Jones which may become a little sexier when then inclusion of NKE GS V take place soon retook its 50 day SMA Wednesday. It was the last of the major benchmarks to do so. Some more healthy rotation seems to be taking place. The lowly homebuilders which began the year carrying the heavy load while tech lagged seems to be jealous of Nasdaq dominance. Perhaps they are ready to once again join the fray. The XHB this week has acted in a very constructive manner retaking its 50 and 200 day SMA on Monday and seem to have found a liking above the round 30 handle. The ETF is enjoying a very solid week thus far as well up 4%. The financials seem to be getting their act together as well as the XLF retook its 50 day SMA Tuesday and held it again today. The regional ETF KRE is in less of a cooperative mood hovering below its own 50 day. Retail which has been a bifurcated group seems to be gaining some traction. The XRT took out the round 80 handle Monday and has continued to movement north. It has a 83.34 flat base pivot point currently. Its up 3% this week but volume is still suspect. It lost ground for a 4 week stretch between the weeks ending 8/9-8/30 where it lost nearly 6.5% on above average trade basically each week. GRPN the largest component in the group has recorded a miraculous 2013 up 137% YTD.
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