Markets often do their best to confound the most, and most always they accomplish in doing so. Seemed the European QE talk was frowned upon pervasively and benchmarks would not rally into the news this morning. What transpired was a rip your face off move to the upside after a brief dip into negative territory early on. The Nasdaq recaptured its 50 day SMA Thursday gaining 1.8%. For the week heading into Friday it is higher by 2.5% (The S&P 500 is higher by 2.2% for the week) and looks assured to put an end to a 3 week losing streak. Below is the chart we posted last week with a developing bullish ascending triangle pattern. A move above 4800 and perhaps CNBC will be getting the 5000 hats ready. I am not a permabull by any stretch but the way the index is moving it is likely to catch its all time high of 5132.42 all time high (CLOSING high is 5048.62). The S&P 500 is higher by 2.1% for the week. Just yesterday the Nasdaq recorded bearish stats with new 52 week lows outnumbering new 52 week highs by a margin of 73 to 44. What a difference a day can make.
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