Price-wise, the bulls had another good day on Friday with the S&P 500 and Nasdaq 100 leading the way to sizable gains. It was a strong five days for the bulls coming off meeting my minimum downside target last Monday. To poke holes, after the open, price didn’t do anything. It just meandered about most of the day. And there were only 600 more stocks going than down on a solid rally. That number should have been higher. Let’s also keep in mind that the S&P 500 is only about 1.5% from fresh, all-time highs. The Nasdaq 100 is about 3.5%.

(Click on image to enlarge)

On the key sector side, I would like to see better behavior from the semiconductors. They haven’t done anything is almost a year. People don’t talk about this much, but notice that everyone’s darling, Nvidia, is no longer the semi leader. And it’s not even second. Taiwan Semi, Broadcom and Marvell are all outpacing Nvidia.

(Click on image to enlarge)

On the flipside, the banks (below) have come to life again and look like they want to exceed their highest levels from December. While that would look nice, it would still not be a fresh, all-time high.

(Click on image to enlarge)

I would like to see the bulls come back strong from the long weekend by having the S&P 500 close above last week’s highest point. While that won’t assuage my concerns, it would definitely create some momentum for a new high where harvesting some acorns could be appropriate.

On Friday we bought MQQQ, UWM and QLD. We sold QID and some IYT.

More By This Author: