The broad market continued to deliver gains today with all major averages finishing solidly in the green. Heavy weights such as Broadcom and Microsoft help to lift the major averages and recoup nearly all the losses last week. Underneath the surface trading seemed a bit more lethargic and the Russell 3000 Small Cap Index performed only in line today but that could just be because it’s Friday and it has been one heck of a good week. With some big profits on the plate already it isn’t unusual for aggressiveness to be a bit muted in front of the weekend.
Volume and breadth were good and leadership was once again in the right areas. We don’t want to turn into psychics that predict the future but we are quite sure that this euphoric action won’t last forever.
We closed the week out at new highs and continued to pare back winners and book some profits. We aren’t running for safety hills but want to be sure to practice prudent money management regardless of the environment.
The last several weeks have been exciting but very exhausting. Rest up this weekend and be ready to rumble on Monday morning.
Have a good weekend.