Markets finished up Thursday with a small push into the close but off highs for the session. The Nasdaq displaying true leadership status doubled the daily gains of the S&P 500 with a .7% gain. Going into Friday the Nasdaq is UP .2% for the week and the S&P 500 is lower by .7%. What the bulls need in my opinion is a day preferably soon where futures are down a good amount, 1% or slightly more, then see a recovery intraday and go out on highs with good volume. The up 3 S&P premarket indication is becoming to familiar and the markets are being sold into the end of the day. The retreat although seeming heavy as we discussed yesterday has been orderly. At tops historically we will tend to see a lot of volatility and it just is not there currently. The intraday ranges have been relatively small on both the S&P 500 and Nasdaq. Some retail names have given hope that the earnings season which will get into full swing in a couple weeks may be better than most think. Yesterday BBBY reported and was up 4.5% today although off highs for the session. NKE was up 6% after hours after it reported. In a way we need some of these “non discount” names to start leading. What is it saying about our economy when the DG DLTR FDO’s of the space are best of breed?

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