By Markus Heitkoetter
Stocks showed that they might be a little afraid of heights last week. After making new all-time highs early Monday morning stocks retreated and ended the week with a loss.
But it wasn’t all bad…on Friday an overnight rally followed by a strong end to the U.S. session helped erase some of the losses for the week. The move higher was also a great start for first trading day of May.
The S&P had a 23 point gain on Friday ending the day with a 1.1% gain. At week’s end the S&P was trading at 2108.29, down .4%.
The DOW ended 184 points higher Friday. With Friday’s move the DOW closed at 18024.06 down just 56 points for the week.
But tech stocks and small caps struggled last week in spite of Friday’s big rally. The NASDAQ enjoyed a 1.3% rally on Friday but still ended 1.7% lower for the week. The NASDAQ closed the week at 5005.39. However the RUSSELL was the big loser of the week with a 3.1% drop.
It will be an active week for the economic calendar. The big wild card this week will be Fed Chair Janet Yellen speaking on Wednesday at 9:15am ET. The grand finale will take place on Friday with the Jobs Report released at 8:30am ET.
Although its been a pretty choppy year, new “all-time highs” continue to be a recurring theme. According to Bloomberg, “the index has set 104 records since March 2013, or one every seven days.” With the last record set this past Monday will we see a new record high sometime this week?
Intel Corporation (INTC) made a nice move on Friday and ended the day near session highs. Friday’s 2.67% rally brought INTC to levels not seen since early March. The move was just enough to take out a PowerX Method ADR Profit Target at $33.41.
A PowerX Method Buy Signal was identified on April 9th.