Friday
Dow -4.4% YTD
S&P 500 -7.0% YTD
Nasdaq -12.3% YTD
Russell 2000 -13.1% YTD
YTD
Dow -4.4% YTD
S&P 500 -7.0% YTD
Nasdaq -12.3% YTD
Russell 2000 -13.1% YTD
The S&P 500 rose 2.4% on Friday, overcoming an early 0.8% decline, as the market rallied into the close on no specific news while Apple (+7.0%) steered the effort following its better-than-expected earnings report. Apple rose 7%.
The Nasdaq gained 3.1%, the Dow gained 1.7%, and the Russell 2000 gained 1.9%.
Ten of the 11 S&P 500 sectors closed higher.
After a sluggish open on Friday, indexes seemed to bottom early morning then made a run for the roses around 3 PM.
I threw about the possibility of a Friday rally to squeeze the shorts into the weekend and it looks like that was their plan. Still, tough to get too long into the weekend, so let’s look for the all-important follow-through day on Monday.
The SPX tried 5X to clear the 200-day moving average last week. Unless and until it does, I’m just watching. By the way, all of the indexes are under the 2000-day. SPX is closest to breaking through the level.
Conversely, the bears will want to break last week’s support, if they can’t, then it may be time to pass the baton back to the bulls for a while.
Biotech
What the hell has happened to biotech????? The current XBI drawdown remains the longest and largest since inception. There’s a bottom somewhere, it just hasn’t found it yet, but probably very close to being washed out.
Gold & Silver
I told you last week that GLD may ‘possibly” be trying something, however, as always lately, it screwed the pooch and failed miserably at downtrend line resistance. Not ready yet. Better off paying up after it confirms a breakout.
I am going to watch the action tomorrow before I add any new longs.
See you in the morning.