Complete Friday Game Plan 11/15/13

Markets for a second consecutive session acted in a very benign manner, starting on lows and going out on highs. The S&P 500 hit another all time high, and is closing in rapidly on the big round 1800 test. It led the benchmarks with a .5% advance and is up 1.1% for the week going into Thursday. In all likelihood it will conclude the week with a 6th consecutive weekly gain. Volume however looks like it will not be higher this week, breaking the 5 previous weeks of strengthening volume each successive week. The winning streak is impressive as it would be the second best one all year, only trailing the 7 week winning streak that kicked off the year. The Nasdaq gained ground for a 5th consecutive day, even with the dead hanging weight of CSCO. It slumped 11% Thursday. The important banking sector had a decent day as the XLF closed above the 21 handle for the first time in 5 years. It is up 28% YTD, better than the S&P 500’s 24.8% return in 2013. Largest holding in the ETF is BRKB which has been trading tight and with another leg up in this market can see it taking out the round 120 handle putting it at all time highs. The builders we spoke about yesterday had a strong day with the XHB breaking above the symmetrical triangle gaining 1.6%. Its up 3.4% on the week. NVR in the sector just to make conversation, was the first of the big three to take out the round 1000 number, doing so in late January. Its sporting a bullish ascending triangle with a move above the round 950 to be bought.