Investors are celebrating the second strongest bull run since World War II.» Read More
While concerns about Egypt are being touted as part of the reason for oil's resilience in the face of dollar strength, there's more going on. If you look back to the Arab Spring and the first uprising in Egypt, that's when Brent exploded and became the global benchmark, with a premium north of $25. But that's not happening this time.
Brent's premium over West Texas Intermediate Nymex crude has dipped below $5 this week, as the prospect for the U.S. economy remains stronger than the global outlook, and some of that Cushing bottleneck has been eased.
The beginning of 2013 brought with it a swelling economy, but also international turmoil, domestic uncertainty over fixed-income securities and a turbulent currency and commodities market. Despite those hurdles, the S&P 500 is still up 13 percent for the year, while the Dow is up nearly 15 percent.
In fact, the S&P is poised for its best first half since 1998 and 1999 for the Dow. As the second quarter and first half of the year came to an end Friday, CNBC examined where the money was made.
Investors betting on health care, financial and consumer discretionary stocks fared the best, as these three sectors recorded more than 18-percent gains. The sectors are also leading in Q2.
Gold futures prices are on track for their largest quarterly loss since at least 1974, down 23 percent in the past three months. Similarly, silver has plunged 34 percent in the same period—its largest loss in at least 50 years.
Although the S&P 500 is off by 5 percent from its all-time high on May 22, the index is still up 12 percent for the year. Will the market resume its march to new highs?
The index recently broke below its 50-day moving average, which has served as a support level since December. In the past two days, however, it appears to be resuming its upward trend, with a gain of nearly 2 percent.
Investors betting on the market going higher may want to look at relative strength.
Relative strength is a quantitative measure that examines how a particular stock performs in relation to a group or industry. A company with high relative strength tends to outperform during bull markets.
A name making new 52-week highs, for example, may be seen as having above average "relative strength." The strategy assumes that these companies will continue to move higher as the market gains momentum.
Below is a look at other companies showing high relative strength.
Housing stocks fell the most in a year, as investors expect interest rates to rise, curtailing some of the demand in the sector.
The PHLX Housing Sector Index fell 7 percent this week, posting its largest drop since June 2012. After trading near a six year high on May 20, the benchmark is now down 16 percent.
During a volatile week on Wall Street, the housing index dipped below its 200-day moving average for the first time since December 2011, but managed to close above that mark.
Housing stocks were among the best performing this year, but have given back most of those gains in the past month.
Though AAPL popped in the middle of the conference today with some flashy news, that's not necessarily cause for long-term optimism. Shares of Apple are down nearly 24 percent since last year's WWDC and off 38 percent from their record high of $700 in September.
In fact, going back five years, AAPL's average return during the five-day WWDC is negative 3.92 percent.
Furthermore, the WWDC typically takes place in June, and AAPL's average performance is negative for the month. Although the stock's devastating 11.30 percent decline in June 2008 skew the average to the negative territory, the stock is again down roughly 2.5 percent in June this year.
On an upbeat note, the stock bounced off its lows in April this year and is up roughly 17 percent since then. It also reclaimed its position recently as the world's most valuable company after briefly losing it to Exxon Mobil earlier this year.
Here's a look at APPL's returns during the WWDC for the last five years:
Year to date, both assets have moved in tandem and by similar magnitude, each gaining over 14 percent in the same period.
However, with the downside momentum gaining, will the greenback drag down the Dow further?
Tuesdays have been exceptionally good for the Dow Jones Industrial Average and if the index finishes higher today, it will mark the 20th consecutive positive Tuesday close.
The current streak is the longest Tuesday in history and the second longest ever for any day of the week. The last time Dow Jones even got this far was in 1927 when it closed up for 15 consecutive Tuesdays from June 1927 through September 1927.
In 1968, the the Dow rose for 24 straight Wednesdays from June through November.
So far this year, Tuesday has also been the best day of the week for Dow Jones, with an average gain of roughly 0.50 percent. And the second best? Friday, with a gain of 0.33 percent.
On the other hand, Monday has been the only negative day, with the Dow falling an average of 0.23 percent in 7 of the last 10 instances.
While the Dow already broke the most number of consecutive positive Tuesdays, if Nasdaq closes positive today, it will tie with 10 consecutive Tuesday close that occurred between September 1972 through December 1972.