Market Summary

Another good week in the markets. This is the 5th week in a row now for this mini-bull market. From the 666.79 low in the S&P 500 on March 9 we closed Friday at 842.50 and that is up 26.35% off the lows. Other indices are similarly up. Large cap technology, as measured by the $NDX index, outperformed both the Dow and S&P 500 this last week. Other than the rising price of gasoline as seen by the UGA, the EEM was the best performing index for the last week and for the year. It appears to be leading the market. Friday we got terrible unemployment numbers which the market ignored. Is the market undervalued and is that the reason for the rally? Is this the beginning of a new bull market or is this just a bear market rally?

This is not the same market as it was 20 years ago. The markets have changed, technology has changed, and the speed with which these markets move has changed. The number and composition of the people who trade these markets has changed too. It is important to identify the leadership and direction of the markets quickly and to react accordingly. And reacting to market changes quickly is the name of the game. Click on table to enlarge.