Markets shrugged off early weakness to go out on highs for the session, a bullish trait. There was some confusing issues with leadership Wednesday with the consumer staples sector the best performing group and the XLF, technology ETF, the worst performer of the day. On the bright side the Russell 2000 index continues to shine and well outdid any of its benchmarks peers gaining .7%. The energy group is remains subdued since crude ran into a roadblock at the round 50 number. Sure the supply issue is concerning whether it is Canadian fires, Nigerian unrest, ongoing OPEC output, etc., but at some point we need to see demand pick up in a real way. It can be compared to companies incessantly cutting costs, laying off employees, but eventually one wants to see real growth hitting the bottom line. A casual diner which has been a big beneficiary of low gasoline prices was CBRL. Today the stock ramped higher to the tune of 8.4% hitting fresh all time highs and taking out the round 160 handle, which on a weekly basis it had never CLOSED above although it touched the number the weeks ending 3/20 and 7/17/15. Wednesday it took out a 156.75 cup base trigger which could also be interpreted as a cup with handle pattern which began the week ending 7/17/15. The semiconductor groups remains attractive and the general in the space is acting splendidly. It has traded between the round numbers of 140-160 and recently we looked at the name in our Tuesday 5/24 Game Plan. On 5/23 it recorded a bearish gravestone doji candle at 50 day SMA resistance, but the name has since righted itself and look for a magnetic pull toward the round 160 figure. A breakout above the 159.75 cup base trigger would put the stock at all time highs.

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