Stocks stay resilient...don't be fooled by the flat Dow and S&P today...by all rights the disappointing results from Microsoft and Amazon should have dropped the markets more...it did end the NASDAQ win streak, but today was a victory for the bulls because it shows the market has:
1) resiliency, and
2) can rotate into new leadership: healthcare, energy, etc.
More importantly, there is strong momentum behind all groups. All 10 S&P 500 sectors are above their 200-day moving averages; that rarely happens and is a sign of a broad market advance.
Need more proof? The S&P is up 0.27 percent today, but the Equal-Weighted S&P, which assigns an equal weight to all 500 stocks in the S&P, is up 0.8 percent today. That is a big outperformance and a sign that many stocks are advancing, not just a few of the biggest market-cap names.
For the week, going into the closing bell: Dow up 3.9 percent, S&P up 4.1 percent, NASDAQ up 4.1 percent.
- The Dow 30 in Real Time
- Investors Dump Brokers to Go It Alone on Internet
- Warren Buffett to CNBC: Invest in Stocks Even At Dow 9000
- Art Cashin: Dow 10,000 Possible Near-Term
- The CNBC Stock Blog
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