Markets enjoyed their fourth consecutive weekly gains as the Nasdaq rose 1.2% gaining ground everyday for the week. The S&P 500 rose .4% to hit all time weekly closing highs once again. For the YTD figures the Nasdaq remains comfortably ahead of the S&P 500 with a 12.3 to 10.4% advantage. Benchmarks continue to look overstretched and bearishness among investment advisors in near 5 year lows, but only price is what we focus on and until technical signs begin to pop up the path looks higher. Some leading groups did take a bruising Friday among them the biotech group. BIIB slid 4% in heavy trade, but did manage to find support at the round 300 number. It is currently in correction mode down 15% from its most recent 52 week high and on a 3 week losing streak, the opposite action of the major averages. Since the summer BIIB has had only one CLOSE below the round 300 figure, on 7/17 of 298.31, but it has traded underneath it intraday between 10/14-16 and 10/22. A CLOSE below that number could prove very costly to longs. GILD lost 4% for the week and notice how it bounced precisely off the round par figure. One name that did buck the lower trend Friday was JAZZ and notice it met resistance at the precise 180 number on 11/5. Since then each daily range the last 7 sessions has been within that wide 11/5 intraday range. Coiling action is suggesting a big move one way.
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