The Nasdaq continues to reassert its leadership role as it extended its winning streak to 7. Two key points to notice are that each day has closed at or very near the top of its daily range and it continues to act well above its breakout point from the ascending triangle we spoke of earlier this month above the round 4800 number. The year is still very young but the Nasdaq has now doubled the S&P 500’s YTD gain with todays move. It is higher by 4% compared to the S&P 500’s 1.9% advance. The Nasdaq is also looking for a third consecutive weekly gain up .6% going into Friday while the S&P 500 is flat. Of course AAPL has boosted the tech rich benchmark up almost 20% the last 5 weeks. But one can not ignore the ongoing strength of the semiconductor groups and the bulking software sector. A subsector of the software group which has been white hot is the cyber security names. The ETF HACK, very clever ticker, has been on fire lately. It is higher by 2.5% this week and almost 12% the prior 2 before that. The ETF took out a 27.72 cup base trigger on 2/13 and has not looked back since. Top component CYBR is higher by 64% during the last 2 weeks after blasting through a 43.59 double bottom pivot on 2/13. Perhaps someone hacked into the stock price and elevated it.
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