The stock market went from the biggest down week since late October to the biggest up week since early November. We saw new highs in SPY, QQQ and IWM. The Russell 2000 ETF continues to show signs of over exuberance and the seasonal patterns in February are mixed at best, but price action remains strong and the correction is on hold. Treasury bonds and gold were clobbered this week as the Dollar got an oversold bounce within a downtrend. Dozens of ETFs were oversold at the end of January and most bounced with sizable moves this week. There were also several flag breakouts. Tech-related ETFs continue to lead with new highs in QQQ, XLK, XLC, IGV, SKYY and IPAY.
Thanks for tuning in and have a great weekend!