Looks like we had another big week for the bulls as they put in gains of almost 3% across the board. The Nasdaq led the race with technology seeing the biggest performance gain out of the sectors. The last time the market put in gains of this strength was the week of 01/31/11. The markets were able to complete a full recovery from the bad news of Japan and Libya. The days of being a bear remain short lived as market drops are quickly paired off with gains. All of the markets were able to reclaim the 50 day moving average and break out of a downtrend this week. By the bulls being able to hold the 50 day moving average we could see further strength in these markets. As I said before, technology and basic materials led this week with financial and healthcare bringing up the bottom. One thing to take note is that we did see some sell off in the markets today. In fact, if viewed on an hourly chart the market was in a steady downtrend the entire day. With a lot of bad news coming out on the weekends it appears people are tired of holding positions into a weekend full of uncertainty. I would expect the money to come back in next week.
Here's the rest of the Weekly Digest.