ChartSmarter Tuesday Game Plan 9/6/16

Markets initially faded a decent move post job report but were able to mount a lukewarm late session comeback with the Nasdaq and S&P 500 finishing higher by .4%. For the week the Nasdaq rose .5% and is now higher 9 of the last 10 weeks and the S&P 500 rose .4% and has gained 7 of the last 10. More importantly the Nasdaq continued its streak of outperforming the S&P 500 to 7 straight weeks. Giving more of a risk on feeling Friday was the action in the Russell 2000 which rose by 1% demonstrating strong relative strength. On a YTD basis it is higher by 10.2%, well outshining the S&P 500 and Nasdaq which are up by 6.6 and 4.8% respectively. On a weekly basis the strongest group was easily the financials with the XLF which rose almost 2% nearly doubling the closest gainers being the materials, utilities and staples which all were higher in the 1% neighborhood. Energy and healthcare were the weekly laggards with the XLE and XLV down .5 and .6%. Getting back to the banks one chart that made a strong showing Friday was CIB jumping more than 4% in double average daily volume and clearing the round 40 number in style. Below is how we profiled the name in the Thursdays Game Plan. It broke firmly above an ascending triangle formation and the break carries a measured move to 56.