Markets started Thursday up and never looked back going out strongly. The Nasdaq led the way with a .6% gain Thursday and is up .4% going into Friday. The S&P 500 was up as well and is also higher by .4% going into the end of the week. Both benchmarks have traded in relatively tight fashion, bullish traits. Earnings were in full focus today with some bifurcated action. Some stocks have sold off hard and stayed soft include names like SYMC CRI AKAM TKR ORLY down in the 7%- 14% range. Some names were down but finding support at common technical levels and rebounding. Names like UA ODFL DNKN found support near their respective 50 day SMAs before bouncing. CRI did seem to catch some bids at its 200 day SMA. Besides DNKN, another sweet name, pun intended, that made a decent comeback after reporting was HSY. Keep an eye to see if it can surpass a 98.14 flat base trigger on its way to par and an all time high. AMZN MSFT both up handsomely after hours with solid beats. Not only is breadth improving domestically, but abroad as well. Juggernauts like SAP is trying to mend its laggard 2013 ways. It is doing so nicely with a 6% plus week thus far reclaiming its 200 day in the process. Watch for the 84.66 flat base pivot point to be challenged going into year end. SI is almost assured of an 8th straight weekly gain up more than 4% so far this week in double average weekly volume. The DAX is catching up quickly to the S&P 500 YTD gains and just below the round 9000 number. Perhaps in 2014 the saying will go “when Germany sneezes the US will catch a cold.”
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