The NASDAQ Composite Index looked like it was ready TO celebrate the twelve days of Christmas on Friday as it embarked on another rally early in the day to build on its first-ever move above 9,000 on Thursday. This would have made it twelve-straight up days in a row, but a late-day sell-off took the index back into the red on higher but still light volume.
One day certainly does not make or break a trend and given the extended state of the index and most leading stocks, a pullback is not unexpected. Meanwhile, the Dow posted a new high on Friday while the S&P 500 posted a new closing high. Thus, the uptrend remains intact, but as I wrote in my last report, investors should remain alert as this market has a habit of pulling the rug out on things just when all is rosy.
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