• The NASDAQ composite (OTC) closed at an all time high last Thursday. The market had a good week. New highs increased, new lows remained insignificant and the secondaries outperformed the blue chips.
The negatives
Whether or not last week was the beginning of a new leg up or just a rally in a deteriorating market remains to be seen. Total volume continued to decline.
The positives
New lows remained at non threatening levels.
Seasonality
Average returns for the coming week have been very strong during the 1st year of the Presidential Cycle than average.
Conclusion
The market turned up nicely last week and seasonally the short term future has been strong.
I expect the major averages to be higher on Thursday April 28 than they were on Thursday April 21.
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