A good week for the bulls once again as a very overbought market essentially went sideways to help work off some of those near term extreme conditions. The S&P 500 stalled exactly at the 200 day moving average after a frantic rally the past month and a half. It was generally a quiet week with lowered volatility as the word “patience” continues to have the investor class in a happy daze.
In economic news, ISM Services fell from 58.0 in December to 56.7 last month, below economists’ expectations of a 57.4 reading. A reading above 50 indicates an expansion in activity.
For the week the S&P 500 gained 0.1% and the NASDAQ 0.5%. That is 7 up weeks in a row.Continue reading