Markets rose once again and the Nasdaq will look to make it a perfect week tomorrow as it has gained ground everyday so far this week. Last time it did that was the week ending 3/20. But the tech benchmark, like the NY Mets, has put up some impressive streaks. It rose 10 straight days between 2/10-24, one less than the NY Mets current winning streak, this year and it now looks primed to go on and test all time highs made back in 2000. For the week the Nasdaq is higher by almost 3% and the S&P 500 by close to 2%. The Nasdaq traded nicely despite FB’s drop of 2.5% following earnings, it being the 5th largest component in the benchmark. In years past a TXN miss would have sent shivers down the tech sector, perhaps I am showing my age, but the stocks 7.2% drop did little to deter the group. Risk seems back on as energy continues to roll along with materials Thursday, and the staples were the only of the major 10 S&P sectors to finish Thursday lower, just what you want to see. Of course much of that has to do with the greenbacks weakness. The UUP, a US Dollar ETF against a basket of other currencies fell .8% and CLOSED right on its 50 day SMA a line it has been above since last July. A pierce below could signal a trend change as former support could potentially become resistance.
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