Markets seem to have short of selective memory as they acted in almost opposite fashion from the day prior. The Nasdaq was able to recapture all of Wednesdays losses and the tape overcoming early weakness and finishing strong was just what the bulls wanted to see. Volume was energetic as well as the Nasdaq bounced almost precisely off the round 4600 handle. The S&P 500 dipped below the psychological 2000 figure for the fifth time intraday in 2015 Thursday but CLOSED above (it has done that 4 of the 5 times). Of course there are still plenty of things to be concerned with as leadership and the bulk of new highs emanates from the defensive real estate and utilities group. As we have mentioned before however perhaps this is some smart posturing by savvy investors who are finding it harder to find yield from debt securities. And being concerned about your investments should always be the case no matter how good it may appear. Problems like in life will usually arise when things look best. BUD continues to “buzz” higher hitting a new all time high today and that is another conservative play advancing. Some leaders are reporting and one was wounded today was FTNT. Of course the stock is no PANW but its extremely tight trading had this name acting like a general. Its last 3 releases were all higher by 1.1, 8 and 3% on 10/23, 7/24 and 4/24. This week is shaping up to be a very bearish engulfing week at all time highs. Another casualty?

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