Complete Monday Game Plan 10/28/13

Markets finished higher Friday after a retreat to the UNCH line midday. The Nasdaq is now up 7 of the last 8 weeks with all 8 closing bullishly at the highs of their weekly range. The Nasdaq was up .75% for the week and now is up 30.6% YTD. This week was the highest weekly volume for the Nasdaq since the week ending 2/8. The S&P 500 closed the week higher by .9% and hit another new all time high. It is now higher by 23.4% YTD. Both benchmarks are closing in on big round numbers of 4000 and 1800. I personally thought the Nasdaq would have acted stronger Friday with the big moves by AMZN MSFT after solid reactions post earnings. They do compromise almost 7% of the total index. Sometimes I wonder if the Nasdaq would be at an all time high if the index was price weighted with the recent moves into the four figure range by GOOG PCLN. It is still some distance away from the all time closing high of 5048.62 made on March 10th 2000. You have to love those big round numbers. Breadth came in very strong Friday with 52 week new highs outpacing new lows by a 243 to 7 margin on the NYSE and a 233 to 16 on the Nasdaq. Groups with the best representation on that list were financial related names, medical, retail and software groups. Looking around the world the most notable chart to me would be the FXI. It LOST 4.5% on elevated trade slicing both its 50 day SMAs, and basically ended the promising double bottom with handle formation of 39.33. The semis also surrendered ground giving up 2% on the week after Wednesdays 3% plunge. To its credit it did hold the round 40 handle and had two inside days Thursday and Friday. The XLP looks interesting and trading just below a long tight base with a 42.29 pivot point to enter.