Markets staged another solid session Thursday with the Dow taking center stage up 1.3%. Of course more than half of that overall gain came from V which hit an all time high today taking out a 218.75 double bottom trigger in the process. The stock accounted for 141 Dow points as the price weighted benchmark puts greater emphasis of the higher priced names. The S&P 500 was higher by .6% and was stopped almost precisely at the very round 2000 handle. It is higher by 1.55% for the week going into Friday looking to tack on gains from last weeks 4.1% advance. Notice how the index is up 4 of the last 6 sessions, but each day closed well into the upper half of their daily ranges, a bullish sign. The Nasdaq rose .4% and holds a slight advantage on a weekly basis over the S&P 500, higher by 1.85% after last weeks gaudy 5.2% jump. Sectors that led the way Thursday were the utility and healthcare groups. Defensive in nature, but I am not going to try and knock this market at the moment as it seems to be firing on all cylinders. Wednesday the real estate group led the way with new 52 week highs. Perhaps it is just investors realizing that rates are going to stay low for a longer period that many anticipated, and many are seeking high yielding names. The XLU is looking for a fifth consecutive up week and higher by more than 2% this week going into Friday. It has acted very well since taking out a 44.46 cup base trigger on 10/24. Volume today was more than double average the daily norm.
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