Markets finished the day Friday lower with the Nasdaq losing .5% and the S&P 500 falling .4%. Volume was heavy due to expiration. For the week the S&P 500 fell .2%. The Nasdaq started and ended the week with heavy volume losses sandwiched in between gains Tuesday through Thursday. The S&P 500 has now began the first two Mondays of 2014 on a negative note. It fell almost .5% on 1/6 and has concluded both 1/6 and 1/13 and the lows for the daily range on above average volume. Perhaps its a good thing markets are not open this Monday. From an economy standpoint UPS cut guidance Friday and the stock fell slightly, making a nice reversal from the intraday low at the bell of 97. Let us hope this is not becoming a habit as it did the same thing on 7/12/13 slumping 6% on the heaviest single volume day of 2013. As usually is the case the big round par number was tough to get through. UPS did undercut its 50 day Monday which it had been above since late last summer, and has fallen for three consecutive weeks. Earnings this shortened week will give us some more clarity on other transports with DAL UAL NSC ALK UNP KSU JBHT all scheduled to report. Another essential group to gauge economic activity will see some names report on Tuesday in HAL BHI. SLB reported Friday and jumped 2% on double average daily volume. It has the look of a head and shoulders FAILURE pattern which could be very profitable. SLB has now put together 3 successive nice earnings reactions as it gained 5.5% and 3% on 7/19 and 10/18 respectively. Fridays move also put in back above its 50 day SMA.
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