Friday started strong and faded a bit, but we still saw the Dow and the S&P 500 hit all-time highs. The Nasdaq was on board as well, and it touched yet another 14-year high. So overall, it was a great way to close out the day. For the week, the Dow was up 1%, the Nasdaq gained 0.5% and the S&P 500 rose 1.2%. The only negative was the fact that stocks started Friday strong, but faded throughout the session. Bulls would have rather seen a slow or down open that rallied into the close, but Friday played out in the opposite direction.
For a short week there is a ton of economic data coming up that could really move the needle either way. I’m also seeing a decent amount of failed breakouts as we fiddle around the highs. I”m still bullish, but will probably be more in short term trading mode for the shortened week.
Some interesting names that we should keep our eyes on this week include: AIZ, PCYC, AGIO,
See you in the morning.