Markets again to a chance to catch the breath Thursday with the Nasdaq and S&P 500 not moving the needle much. The Nasdaq lost .2% and a close Friday above 4343 would record a bullish outside week. Volume has returned in 2014 for the tech benchmark as this year so far there have been 5 heavy volume up weeks compared to just one down week in elevated trade. The one down week ending 1/31 showed a loss of .6%, but it managed to close in the upper half of its weekly range. Sectors that led the way Thursday suggested the economy could soon be getting a lift. Remember the market likes to look 6 months into the future. Could it be predicting a changing of hands in the Senate? Anyway the groups that led the way today were materials, financials, industrials, and energy. JOY put some joy into longs for a little while Thursday. It gained 2% but reversed to finish 2 handles off its intraday high. The stock broke out from a 57.31 double bottom with handle trigger on 2/24, but soon unraveled. Hallmark bearish characteristics as we know that the best breakouts work right away. JOY also trades wide and loose, not bullish traits. DE in the group broke above its 50 day SMA today and looks to be rounding out the right side of its base. COST reported today, and another reason why we are concerned about the retail group. Perhaps we should have seen this one coming with peer WMT with its 2/20 release that disappointed as well.
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