Markets rallied for the third time this week, but volume has been on the tepid side. That seems to be a recurring theme, and perhaps not as important as it once was. Trading firms are downsizing, ETFs continuing to remain popular could be contributing to that, who knows. But I still am old school and like to see volume confirmation. The Nasdaq going into Friday is looking to outperform the S&P 500 on a weekly basis for the first time in 4 weeks. Both benchmarks are up near 1.7% and it will be an interesting race finishing at the wire on tomorrows close. As pundits continue to see a correction brewing the Nasdaq is looking to finish this week up 6 for the last 7. The S&P 500 looking for 3 out the last 4, with all three being weekly gains of better than 1%. Financials led the way Thursday with the XLF regaining its 22.26 flat base pivot point it took out originally on 3/7. JPM was a big reason as the stock took out an ascending triangle formation above the round 60 handle. The stock has not been above that 60 figure since early 2000. JPM is up close to 6% this week, following a very good 4.5% move the week ending 3/7. WFC took out a tight flag pattern today above 48.50 as it looks to be getting drawn to the round 50 handle. The stock price hit an all time high today depositing loads of confidence in existing shareholders.
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