U.S. stocks finished mixed on Friday, with small gains in the major averages, except the Nasdaq, which lost .25%.

Overall, it was a solid week, with the major averages gaining from 1.25% to 2.0%.  The Dow Industrials, S&P 500, and Nasdaq Composite all closed the week above their 200 day EMA (exponential moving average).  The Dow Transports and Russell 2000 both continue to lag.

The primary trend remains down, the intermediate term trend is neutral and the short term trend is still up.  If the current short term trend persists over the next few days, the intermediate term trend will flip to up.

Many of the stocks I am following for potential buy signals are now quite extended.  The signals will arise once they consolidate gains.  The further to the upside that they trade, the longer that consolidation will need to be.

New Positions

Buy prices were hit in GLUU and AXSM on Friday.

Quote of The Week

“I began to realize that the big money must necessarily be in the big swing.  Whatever might seem to give a big swing its initial impulse, the fact is that its continuance is not the result of manipulations by pools or artifice by financiers, but depends upon basic conditions.  And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.” Jesse Livermore