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The S&P had a good week, but in actuality gave back on Friday and actually closed the week up a paltry 6 points from where it opened the week.
The Russell closed 2000 down about 10 from where it opened the week.
The Nasdaq fared better but gave back 1.3% on Friday.
So the market continues to chop and grind as we get through earnings season and am am not doing a whole lot. As you know I trade at about 1/3 position size during earnings season anyway.
The market fells like it wants to make a run at the May highs, but that could be a challenge as we march through the rest of earnings season.
As we move into this week I am looking at companies that have already reported earnings, while trying to avoid companies that haven’t reported yet. I don’t like playing earnings roulette. Most of the S&P companies that have reported have beaten estimates, but remember that it was a very low bar to beat.
I am adding GDI as a long tonight. The company reported last week and volume picked up nicely as it closed pennies under its 50 day daily moving average. I would buy it on a move above Fridays high (54.48) with volume, but I would avoid chasing the first 45 minutes or so tomorrow.
