It's So Cold in the D; Warm in the USA $SPY $DIA $QQQ $IWM

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Although the S&P 500 and the Dow (DIA) cleared the 2013 highs intraday to make new highs, they both ultimately closed beneath those numbers. DIA had had a high of 155.44. Thursday’s high was 155.74 with a closing price of 155.34. Now, are we nitpicking? Kinda; since the close is still an all-time high close. NASDAQ did not have as good a time in anticipation of GOOG earnings on the heels of INTC’s poor earnings. As we end the week with nothing more definitive from the Fed other than we’ll keep QE for now but tapering is in the cards and an upgrade from Moody’s on the US economy to stable (unless you live in Detroit). Let’s think stable and close the week on a high note.

S&P 500 (SPY)Other than some concern if the week concludes below Thursday’s low, some digestion on a summer Friday would be welcomed.

Russell 2000 (IWM) After a couple of close calls, this continues to rock and roll after what began with a runaway gap still in play

Dow (DIA)Same concern as SPY-but hard to argue now with a close on new all-time highs

NASDAQ 100 (QQQ) 75.00 is a big number to hold as we end this week or really could be the first sign of a reversal.

ETFs:

XLF (Financials)Good move off of the old 2013 high into the new 2013 and multiyear high. Thanks Jamie Dimon!

SMH (Semiconductors) A reversal in play especially if it cannot hold around 38.60.

XRT (Retail) Sideways as this looks more like a time rather than price correction

IYT (Transportation) See how beautiful those inside days work? After a bearish engulfing pattern and then an inside day, Thursday this took off to close on new highs

IBB (Biotechnology) In reality, still working off that reversal candle from Monday unless that high clears

IYR (Real Estate)Finally after floating for 5 days, closed back in an unconfirmed bullish phase

XHB (Homebuilders) Winner of most vulnerable sector. Warning Phase.

GLDAs long as 122.35 holds, an island bottom remains.

USO (US Oil Fund)The local gas station did not hesitate to ramp up gas prices by 30 cents a gallon-and that was Wednesday before it rocketed off to new 2013 highs.

OIH (Oil Services)Cleared 2013 highs by 2 ticks and closed slightly below.

XOP (Oil and Gas Exploration) Still has the 2013 highs ahead of it

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