Markets began the week where they left off last week with decent gains, albeit in low volume. The Nasdaq led the way higher once again, as it may become apparent that its April Fools joke of underperformance came about 3 weeks late. It is now more than 150 handles off its intraday low made last Wednesday after a sweet bounce off its 200 day SMA. The S&P 500 made it 5 winning days in a row as well, and this wide range roughly between 1800-1900 should resolve itself this week, with a bevy of earnings to be reported. Know your positions and when they report. If this Nasdaq can keep moving higher, along with the energy sector recent fortunes (energy sectors have been receiving an abundant amount of chatter in the media wires these days, a cause for some concern perhaps), this broad based rally can continue. Bullish investment advisers remain neutral, a plus, as they remain at the 50% level. Bearish advisers at 20% are well off highs needed for extreme pessimism, but the trend on that chart is looking upward and a move toward the 30s would be welcomed by the bulls. Looking at specific countries markets starting the week, all country ETFs outdoing the S&P 500’s .9% advance are Australia up 8.5%, then return of some BRIC’s with India at 7.7% and Brazil’s 6.3% gain. Until further technical notice, remain buyers of energy and foreign names.
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