It was another strong week for the market, which might have appeared to go out with a whimper.  But in many ways, Friday’s was one of the best sessions of the week. The index exhibited resolve and finished higher, even as those hugely influential names struggled and leaving Communication Services and Technology down on the day.

Conversely, nine other sectors were higher with significant strength in financials.

Market breadth was overwhelmingly bullish.

Dark Clouds

Cloud related stocks took it on the chin last week as many saw earnings estimates peak and pullback.  There is no doubt these stocks were on autopilot for a long time and most were overvalued.  But now, this could serve as a great list for traders looking for oversold ideas.

Today’s Session

President Trump acted over the weekend with four executive orders.

• $400 for unemployed workers
• Deferred payments on payroll tax for employees earnings under $100,000
• Moratorium on evictions
• Pause on student loan payments

I hope this puts pressure on Congress to act.  But right now, politics are still outweighing the urgency of keeping the rebound going, as we continue to deal with coronavirus issues.