What a Week!

The uptrend that ran into resistance late last week reasserted itself. The end was a push to new intermediate highs for the SPX and all time highs for the NYSE and the Industrials. The Transports are close to a new high which would be significant. The Mid Cap index and Utilities are a tad below a record, too. Notably, the Small Caps and the NASDAQ lag here. The market is telling us it's becoming a large cap affair now with a bias to the NYSE.

Big news on GE selling the plastics division! Snore. That stock is one of the most dead issues and is typical of this market. It's about new stocks and new stories, not the old mega-cap favorites. AMX was hot the whole week, along with TU, SCI, GS, ARW, and a ton more. The best winners seem to be mid-large cap stocks that are not household names. All in all, we got a lot of them here!

Despite reasons I have mentioned for this market to slow down for the next 6 weeks it appears to be just the opposite. The S&P 500 is within a trading day or two of record highs. That should be another reason to slow it down as some supply in waiting finally comes out. But the demand feels so strong here and the disbelief still high that a sharp surge wouldn't surprise me. A meltup in store? Stay tuned!

Have a great weekend.