Markets continue there march toward recent all time highs and a market melt up may be in store going forward. Seems like we hear of certain hedge funds down an inordinate amount of money every day and they will certainly look to play catch up into year end. Benchmarks started out underwater to begin the session but both steadily gained ground, and if not for a mild late selloff would have went out near highs for the day. The Nasdaq rose .35% and the S&P 500 tacked on another .3%. The Nasdaq is now up almost 2% thus far for the week. Energy led the way today and there has been much discussion here how the stocks within the group seem to have become immune to the price of the underlying resource. This morning brought forth 4 names that reported and they both reacted well to the release with best in breed PXD up nearly 7% and CLOSING near highs for the session. Others that reported numbers and rose were RSPP, NBL and RDC. Not surprisingly theses middle of the pack names gave up most of their intraday gains to finish in the lower half of their daily ranges. Heavyweight names CVX and XOM continue to barrel their way higher, pun intended, with both up nicely so far this week. CVX’s gain is almost double the XOM move, higher by almost 8% already. It is feeling the magnetic pull to the big round par figure. That number always meaningful, is more significant to CVX as that number was strong support the weeks ending 12/19/14, 1/30/15 and 3/13/15. There could be a roadblock of sellers into that descending triangle breakdown which occurred during a brutal 15 week losing streak, not a typo, between weeks ending 5/1-8/7.
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