After a big week, some selling in front of the long weekend would not only be logical but healthy.
However, even the failure of a trade deal with Canada couldn't put a dent in this market.
The indices didn't' do much but they definitely did fall apart. They even managed to spike up on the news about the failure of the Canadian trade deal because new talks are going to start right back up next Wednesday.
It has been one-way action most of the week with just some minor selling after things became extended on Wednesday. What has helped the mood is that trading in individual stocks has been quite good.
There was plenty of strength is speculative names especially in the biotechnology stock. My stock of the week, HTG Molecular Diagnostics (HTGM) managed a gain of 32% this week.
FAANG names have helped quite a bit. Apple (AAPL) was up over 5% this week which has a significant impact on the indices. But this has not been a narrow rally this time. Breadth was better today with around 4000 gainers to 3000 decliners and the new highs continue to pile up.
There is no question that the trend is strong. Seasonality is probably hurting volume but that doesn't seem to matter. The indices are extended as are many stocks, so you have to wonder when we will see some pullbacks but the worst thing you can do Is to keep anticipating a top.
Have a great long weekend. I'll see you on Tuesday.
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