Markets concluded a productive week, most likely in an overall bear trend, with the Nasdaq outdoing the S&P 500 as it finished well off session lows early on. The tech benchmark CLOSED up .4% and ending the week higher by 3.85%. Volume was timid with the holiday Monday. Three of the four sessions this week were higher and each time it closed at highs for the daily range. The one caveat was Thursdays bearish dark cloud cover candle. Looking on its weekly chart one sees a bullish morning star pattern and the bulls temporarily remain in control. Today was the first Friday of 2016 in which it did not move more than 1% on the upside or downside. The S&P 500 finished UNCH Friday recorded a bullish hammer candle off the round 1900 figure and for the week advanced 2.8%. On a YTD basis the Nasdaq in now off by an even 10% and the S&P 500 by 6.2%. Looking at sector performance this week overall, each of the 9 major S&P 500 sectors gained ground. The best acting group was consumer discretionary up better than 4%, casting a bit of doubt on the bears who continue to growl of weak leadership. That was followed by technology, industrials and energy. Of course this is just on a weekly basis but like I mentioned a couple weeks ago I believe it is time to sharpen the pencils and look among the energy complex. From a larger picture perspective we take a look at the US greenback on the chart below which could offer a nice tailwind for the broader commodity group like Gold for instance. The dollar had issues at the round par figure throughout 2015 and looks like the path to least resistance is lower. Funny how the round numbers work as the GLD and XLE both found bids at the 100 and 50 figures respectively.

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