Markets did their best at what they try and do all the time, which is to confound the most Thursday. For a third consecutive session the benchmarks registered powerful gains. Advances were uniform with the Dow, S&P 500, and Nasdaq all rising in the 1.3-1.4% neighborhood (the Russell 2000 rose 1.8%). The last 3 sessions are a good example of how market timing is so difficult in the short of long term, even if they have been some of the strongest moves we have seen in sometime. Of the aforementioned indexes the most interesting is the S&P 500 which is sitting right at the very round 2100 number, which feels like the 20th time this year so far. It is hard to believe we began the week Monday CLOSING at the 2000 figure. For the week heading into Friday the S&P 500 is looking like it will record a bullish engulfing week and is higher by 3% compared to the Nasdaq’s 2.9% jump. M&A activity continues to take center stage with a move in the media space with Starz being swallowed by LGF and MDLZ looking to take out HSY. Media names have been on the move and below is the chart of SNI which we profiled in this Wednesdays Game Plan. Like many names with the recent volatility it recorded a bullish morning star pattern of precise 200 day SMA support providing investors with a cluster of evidence for an entry. Bears may continue to harp on how the rally is being led by defensive groups with the staples and utilities performing the best. That argument is getting a bit long in the tooth. One has to be very impressed with the averages soaring despite a drop in crude to the tune of nearly 3%. The XLE rose .8% Thursday as it looks like it is readying itself for a challenge of the round 70 number and the bearish counterattack candle recorded there on 6/8.

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