Both the Nasdaq and S&P 500 grinded out small gains for the week after the benchmarks finished higher on Thursday and Friday. That made up for the Monday through Wednesday losses and then some. The S&P 500 hit an all time closing high above 1800 for the first time capping off a 7th week of gains. Heading into a traditionally strong holiday shortened week 8 is not out of the question. The S&P 500 closed up .4% for the week and is now up 26.5% YTD. The Nasdaq limped higher by .1% and is now up 32.2% in 2013. The last couple of weeks the Nasdaq has bounced with support at 3900 and resistance at 4000. Look for the range bound action to break one of those soon. Looking at individual names some resource plays are starting to trade a little wide and loose and that volatility often marks short term tops. NUE for one lost ground for the second consecutive week losing 5% in that time frame. It is nearing a 50 day test here. Competitor X had a tough week falling 6% and losing ground everyday. It closed right above the weekly high of 26.29 made back in the first week of the year when X gained almost 12%. Big box retailers are having a rough go of it recently too. Looking beyond JCP’s getting removed from the S&P 500, other names like TGT reported this week and lost 3.5% on 11/21. Perhaps that was not too surprising given its laggard status, but KSS the week before caught many off guard. A leader in the group KSS slumped 8% after releasing numbers on 11/14. It did however find almost precise 50 day support there which has held. I wish all of you a very Happy Thanksgiving this week. Please enjoy every minute of it with family members.
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