Today's action was yet again mixed as the major averages closed slightly positive, the small caps managed another day of gains and after being beaten down most of the day the semiconductors closed in the green. Breadth finished positive however the Qs weren't able to hold their 50 day moving average and many tech leaders continued to see pressure.

All and all we were pleased with this weeks action after such a challenging previous week and we still have an underlying feeling that we are setting up for a rotation and a strong move to the upside in technology. Despite this feeling we will remain quick and nimble not letting gains slip or laggards drag. Many telecommunications stocks look to be moving out and it is clear that money is flowing into that sector. We would like to see the leadership broaden out more but this is at least a start.

The big issue remains a continued divergence between the Dow and the NASDAQ, which historically doesn't last long. The question remains will the Dow weaken and meet the NASDAQ or will money flow into technology creating an increase in relative strength catching up with the Dow. That would be the ideal situation but its still to early to tell.

It sure has been an exhausting couple of weeks and we have been looking forward to a break. Enjoy the weekend and well see you back here early Monday morning.

RevShark