Saturday Morning Review

In spite of a rough start on Monday, the market continued to impress by closing the week at new recovery highs. On Friday, helped by a better than expected existing home sales report, the S&P cleared a key Fibonacci level at S&P 1014.

For the week, the S&P 500 rallied +0.84%, Dow +0.86%, Nasdaq +0.64%, and the Russell 2000 +1.50%.

To make the big money this week you had to be long international finance (IPF), energy (ERX), environmental services (EVX), crude (UCO), small caps (TNA), and health care (RXL). There were also some noteworthy gains in Turkey (TUR) and Sweden (EWD). Sectors to avoid last week were natural gas (UNG), preferred financials (PGF), and solar (KWT). It goes without saying that the leveraged ETFs which continue to show the highest trading volume of anything out there all were under significant pressure again this week as the bears and skeptics continue to fight the tape and lose.

I hope your weekend is off to a good start so far. I'll be back on Monday and remember, I'm now on Twitter!