Markets staged decent rebounds Friday as the indexes went out on highs for the session. Both the Nasdaq and S&P finished right at the top of their daily ranges the last 3 days of the week. The Nasdaq got the better of the S&P 500 Friday by a .4% move higher, compared to a .2% advance. The tech rich benchmark outdid the S&P 500 on a weekly basis as it gained .7%, after last weeks 1.3% rise. The S&P 500 fell .1% for the week, and the Nasdaq has now outperformed the S&P 500 6 of the last 7 weeks. The Nasdaq has made a powerful run in 2014 and is now right on the heels of the S&P 500 on a YTD basis. The Nasdaq has closed the gap to within one stick, higher by 5.2%, compared to the S&P 500’s yearly move of 6.1%. Both indexes were unable to close above the ugly outside days recorded Tuesday, and a move and CLOSES above that next week could set the stage for a mini melt up for the S&P 500 to the incessantly mentioned round 2000 handle. What I came away most impressed by this week, was the averages shrug off of the -2.9% GDP number. That has me very concerned, and I seem to be in the minority, but I above all else respect the tape most. Perhaps DD’s drop today of 3.3% after lowering guidance will keep people on their toes. As I look at other economically sensitive bellwethers, there are names the bulls and bears can take comfort in. Bears can glow in the stocks in bear market mode like JEC and CBI down 20 and 24% from their recent 52 week highs. Bulls can take comfort in MTW’s big beat today, and the way FDX tacked on another 2.2% this week after last weeks 5.6% jump to all time highs after reporting.
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