Despite the red on the screens and the shrill reporting about record high oil prices breadth finished around flat and we had 504 new highs to 100 new lows. So not everything was being body slammed. Volume did pick up today but that was probably partially a function of option expiration.

A lot of folks look at the action today and want to stick a fork in it and declared that we are done. I believe it is premature to jump to that conclusion. Yes we pulled back on increased volume today but all the major indices are still up on the week and above key support levels. The NASDAQ 100 is the worst looking of the group but is still above its 50 day simple moving average and has support at the March highs. I'm sure there are technicians who look at things differently than I do but from my standpoint the uptrend is still intact. I trade what is in front of me and am not going to anticipate a technical breakdown regardless of what oil might be doing.

Next week we have a flood of earnings reports once again. Many are from small companies and I suspect that there will be some very good ones. I know a lot of folks are worried about this market but there is still plenty of positives to be found in individual charts.

Relax and rest up this weekend. Next week is going to be particularly busy.

RevShark