Markets started out strong Monday following decent economic reporting abroad and right here at home. The Nasdaq rose .7% while the S&P 500 ROSE .6%. Benchmarks gave up some ground midday and then firmed up a bit into the close. Looking over hundreds of charts over the weekend as usual, I felt the sense that the charts are not as bearish as I thought. Now with bearish investment advisers at 5 year lows and indexes near either all time of multi year highs a correction could be imminent and even constructive. New 52 week highs versus new lows was also weak last Friday with the NYSE tally coming in low with new lows outpacing new highs by 77 to 50. But overall I walked away technically feeling this market still has legs. This market is doing exactly what it should and that is confound the most. Banks are firming each week. JPM in particular seems like some negative new news in reported everyday, yet it remains strong. That is normally a good tell. Insurers look strong. Looking at the economy perhaps the best way to gauge that is looking at the bellwethers FDX UPS. They may not have the sexiest YTD gains, both roughly up 50% in 2013, but they are both trading technically sound and tight near all time highs. Another retail concern has popped up with NKE though. It dropped 4% last week recording a bearish outside week in the process. Thursday it reports and will attempt the perfect superfecta with earnings in 2013. It was up 11% on 3/21, up 2% on 6/27 (better looking than it sounds, nice outside day reversing off round 60 handle), and up 5% on 9/26. Good 50 day support here and last weeks weakness may offer a long opportunity. Does someone know something or is there good value?

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