The hunt for the round numbers with the big benchmarks is alive and well seemingly. Which comes first, S&P 500 1800 or Nasdaq 4000? A magnetic pull toward each of those figures seems where they want to go. The S&P 500 is trailing the Nasdaq’s YTD gain by 7 percentage points but it is looking to outperform the tech heavy index for the third time in four weeks. Going into Friday it is down fractionally while the Nasdaq is lower by .6% . The S&P 500 is also looking at its 4th straight up week, something it has done on two other occasions this year, between the weeks ending 4/26-5/17 and 6/28/7/19. Of course it started 2013 up 7 weeks in a row. FB found a nice “like” almost precisely at 50 day support after last nights release. SBUX recorded a nice outside day today after reporting earnings. To me I will maintain my bearish stance, but it is hard to argue with the current price action. The path to least resistance is up, and we are paid on price not opinion. But the names keeping this bull market going seem to be fewer and fewer, with the ones carrying the most weight tiring. Seem to be one up for every two down. Looking at the essential transport group three reported earnings today. One solidly up by 9% TRN, while CNW OSK fell by nearly the same margin. Are they delivering, pun intended, a message to the markets to listen to?
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