Markets showed some strength into the close Wednesday as the Nasdaq led the way, much like it did through most of 2013. It went out on highs for the second straight session demonstrating solid bullish characteristics. The tech heavy benchmark leads the way in YTD figures over the major averages with a 1.6% rise thus far. The Dow lagged once again (IBM shaved about 40 handles off after reporting this morning) and it currently is lower by 1% YTD, with the S&P 500 flat. Energy continued to be heard Wednesday. The group has been a laggard for sometime now but some are starting to see value. Einhorn announced a position in APC which rose 3%. The better prospects for the group began last week after a well received report from SLB. BHI followed suit yesterday after delivering positive results and is up 5% this week already. Even HAL which was disappointing rallied almost 2% today after getting stopped at the 50 day yesterday. Look for a move above 51.75 to get long. Natural gas names like SWN RRC are buzzing up 7 and 6% respectively for the week. We keep hearing word on how high bullish sentiment is and coupling that with yesterdays words from AMTD can make some nervous. The old adage of the retail investor getting in at the top could ring true. AMTD did mention margin activity growing aggressively as well. AMTD jumped almost 5% last week BEFORE it reported Tuesday and and jumped another 4.5%. Frothy?

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