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US Stocks: Weekly Wrap Up

Posted by Bill OLeary on Feb 14, 2014 4:51:00 PM

US Stocks: Weekly Wrap Up

From WorldWideMarkets Online Trading
(written by CapitalistBull.blogspot.com)

Summary: Bulls Keep Bears Hibernating

Market started down, but as has been the case since the market bottom, ended the day higher, closing at weekly highs. The NASDAQ, clearly the leading index, closed at new fifty two week high but lagged on the day. Volume was lower and below average, but expected ahead of the long weekend and the East Coast snow storm probably kept many traders home, shoveling and sledding with their kids. The market is over extended and could use some consolidation to keep itself healthy. It would have been preferable to see a lower volume pullback after being up for almost six straight days, now seven.

Next week is option's expiration which generally leads to at least one violent shakeout against the trend during the week. Overall, long traders could not have asked for better market action over the last two weeks after the heavy distribution over the previous three weeks, and in the face of week economic data.

LEADING GROWTH STOCKS ANALYSIS

Leading growth stocks, on average, under performed the market today, marking the first such occurrence since before the market bottomed on February 5th. None of the action was worrisome, just normal consolidation after big moves over the last two weeks. Overall, leading growth stocks have significantly out performed the market since the February 5th bottom and remain intact to rise further.

Expect and prepare for violent one day shakeouts to add to or initiate new positions in leading growth stocks. 

 

 

The NYSE advance/decline line has led the way into new high territory. A very bullish sign.

 

 

 

 

 

 

 

 

 

 

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