The action continues to be great for the bulls. Down days are very mild as the indexes work off overbought conditions, in this very sharp rally. Today the markets opened down, dip buyers came charging in, but there was a selloff at the close to create a very small loss of 0.13% in both the S&P 500 and NASDAQ. The Conference Board's index of consumer confidence declined to 78.1 in February from a revised 79.4 reading in January. Economists polled by Reuters expected this month's reading to come in at 80.
It was more of the same Monday as the "V shaped" bounce continues. The S&P 500 gained 0.62% and the NASDAQ 0.69%. The S&P 500 was at an all time high earlier in the session but broke back a bit below to close. In the week or so ahead let's keep an eye on the NASDAQ chart in particular and the upper purple trend line as this is where these rallies have stalled the past 1.5 years. There was not much to report on the economic front.
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After one day of rest, stocks were back off to the races Thursday; the NASDAQ has now been up 9 of the past 10 sessions. The S&P 500 gained 0.60% and the NASDAQ 0.70%. In economic news data from the Philadelphia Federal Reserve showed manufacturing activity in the Mid-Atlantic region unexpectedly contracted in February as new orders plunged. However, bulls have come to the conclusion that most of the slowing economic data is weather related and just buy, buy, buy.