Complete Monday Game Plan

Markets sold off Friday due to expiration and rebalancing but both the Nasdaq and S&P 500 advanced for a third straight week. The Nasdaq led the way for the week with a 1.4% move higher and lies less than 1% off a 13 year high. It now has a very impressive 25% YTD gain. The S&P 500 rose 1.3% for the week and is up 19.9% in 2013 thus far. There was some wild action late in the week with Wednesday seeing benchmarks explode with no taper catching quite a few off guard to Fridays volatility with mainly the Dow and S&P 500. Next week should provide some more clarity as to whether Fridays move was masked into something bigger. Looking a little deeper many stocks flourished Friday. 52 week highs versus lows were slanted heavily to the upside. The figures on the NYSE were 167 new highs against 13 new lows. The Nasdaq came in even better with a 182 to 11 margin. It makes sense to pay attention to names that rose on Friday as they can give potentials clues or tells going forward. Many tech names were higher that include FB TSLA GOOG NFLX. Many sector ETFs finished Friday at crucial levels. The huge XLU move Wednesday suggesting that a taper move was a little further down the road than previously thought reversed Thursday and Friday giving back all of Wednesday gains. The XLE gave up all their gains as well returning precisely to the 84.06 flat base trigger it took out on 9/11. The 84 level has been solid resistance a few times going back to late May. The XLY is just above its 60.85 flat base trigger it took out Wednesday. Quietly making news was India joining the likes of Brazil, Turkey and Indonesia recently raising interest rates. Better believe these countries are hoping for some tapering soon.