Markets ended a tumultuous week Friday in decent fashion. Benchmarks overcame a negative open to go out on highs for the session. The Nasdaq reversed almost 1% intraday turning a .6% loss into a .5% gain. For the week the Nasdaq rose .5% in light trade and still remains in the red for 2014, down 2.1%. The symmetrical triangle is coiling with the bottom line forming in conjunction with its 200 day SMA which is now just above the round 4000 figure. The S&P 500 lost ground for the second straight week marginally, but the close was less than 1 point from the prior weeks close, hard to believe with the volatility. It did find 50 day SMA support Thursday and the S&P 500 is higher YTD 1.6%. There seems to be a lot of bearish talk among the well known market gurus, with names like Tepper saying being too long may not be a prudent play. Acompora is stating some markets can fall by 1/4 of the value. As those prognostications may come to fruition the tape has not confirmed those calls, and one has to trade bullishly until that occurs. Just seeing the indexes hold up, of course the S&P 500 is doing so much better just 1.3% off all time highs, amid all these bearish predictions one has to come away impressed, for the moment. In recent days the moribund retail group had a couple of nice earnings beats, perhaps a little foreshadowing of more to come? JWN popped 15% to all time highs recording a bullish breakaway gap. JCP posted a second consecutive big earnings jump. On 2/27 the stock flew higher by more than 25% and today scorched another 15.8%. Turnaround underway?
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