No Monday Blues:

The saying goes, it is not where you start but where you finish in life. The same could be said about markets. Another old adage says, “amateurs open the market and pros CLOSE it”. If we take a look at the WEEKLY Nasdaq chart 4 of the last 6 weeks, it CLOSED right at the top of the WEEKLY range, a bullish trait. Could that be simply a function of Fridays anticipating that SIX of the last seven Monday were higher? Most of the advancers were subdued with four of them rising between just .2 and 1.3%, but the first two of the streak rocketed higher by 4.2 and 8.5% on 3/30 and 4/6, via the XLK. On a YTD period, it remains the only one in the green, higher by just more than 1%, but the emergence of other groups like energy (XLE on a one month look back period is doubling the second best major S&P sector) and healthcare, which are leaders during the last one and three month timeframes respectively. This lag for technology in my opinion is just giving the space some well deserved rest before the next lift off higher. Could it be this coming Monday?

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