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To: Donald Wennerstrom who wrote (75336)	4/9/2017 9:14:41 PM
From: Return to Sender	2 Recommendations Recommended By Donald Wennerstrom Gottfried Respond to of 95770

From Briefing.com: 4:11 pm Closing Market Summary: Range-Bound Week Ends on Flat Note (:WRAPX) :There was a lot to talk about on Friday, but the market was not sure what to make of it all, as stocks slipped out of the gate, but spent the day in a slow climb to end little changed. The S&P 500 shed 0.1%, ending the week lower by 0.3%. Overnight, the U.S. Navy launched 59 Tomahawk missiles at the Shayrat base in Syria, which was reportedly the origin of a chemical attack that took place on Tuesday. Most U.S. allies spoke in favor of the strikes while Russia, China, and Iran voiced their displeasure with the action. The storyline is likely to continue into next week, considering Syrian fighter jets were taking off from the Shayrat base by the end of the day, according to the Syrian observatory for human rights. The news of missile strikes weighed on equity futures, but a swift rebound took place in time for the release of the Employment Situation report for March. The report disappointed, showing the addition of just 98,000 nonfarm payrolls (Briefing.com consensus 180,000). However, the reaction in the market was muted. The S&P 500 navigated a 13-point range, closing near the middle amid gains in five out of eleven sectors. Industrials (+0.1%) spent the day in the green thanks to broad strength among defense contractors like General Dynamics (GD 188.04, +1.74), Lockheed Martin (LMT 270.24, +3.13), and Raytheon (RTN 152.96, +2.21). The three names advanced between 0.9% and 1.5% while the broader sector slipped from its high due to losses in transport stocks. The Dow Jones Transportation Average shed 0.3%, ending the week lower by 0.1%. Looking past industrials, the remaining gains were confined to countercyclical sectors. Consumer staples (+0.3%), real estate (+0.2%), and telecom services (+0.2%) displayed strength throughout the day while health care (+0.2%) found buying interest in afternoon action. On the downside, the energy sector (-0.4%) was among the laggards even though crude oil jumped 1.0% to $52.25/bbl. Another cyclical group-financials (-0.3%)-also struggled to keep pace with the market as flattening in the yield curve weighed on bank stocks. The financial sector lost 1.0% for the week, narrowing its 2017 gain to 1.1%. Treasuries spiked to highs immediately after the release of the jobs report, but reversed in short order and continued sliding into the close. The 2-yr yield (1.27%) and the 10-yr yield (2.37%) jumped three basis points apiece while the long bond resisted the pressure. The 30-yr yield increased one basis point to 3.00%. Investor participation was a bit below average as 935 million shares changed hands at the NYSE floor. Economic data included Employment Situation report, Wholesale Inventories, and Consumer Credit: March nonfarm payrolls increased by 98,000 (Briefing.com consensus 180,000) and March private sector payrolls increased by 89,000 (Briefing.com consensus 175,000) The key takeaway from the report is that it spoke to the ongoing disconnect between the hard data and the soft data and it will challenge -- or should challenge -- the stock market's economic growth assumptions The unemployment rate fell to 4.5% due to a higher change in workers being employed (+472,000) as the labor force participation rate held steady at 63.0% March average hourly earnings increased 0.2% (Briefing.com consensus +0.3%) after increasing an upwardly revised 0.3% (from 0.2%) in February The average workweek in March was 34.3 hours (Briefing.com consensus 34.4), versus a downwardly revised 34.3 hours (from 34.4) in February The key takeaway from the report is that it spoke to the ongoing disconnect between the hard data and the soft data and it will challenge -- or should challenge -- the stock market's economic growth assumptions The unemployment rate fell to 4.5% due to a higher change in workers being employed (+472,000) as the labor force participation rate held steady at 63.0% March average hourly earnings increased 0.2% (Briefing.com consensus +0.3%) after increasing an upwardly revised 0.3% (from 0.2%) in February The average workweek in March was 34.3 hours (Briefing.com consensus 34.4), versus a downwardly revised 34.3 hours (from 34.4) in February Wholesale inventories increased 0.4% month-over-month in February, as expected, versus a 0.2% decline in January. Wholesale sales for February increased 0.6% on the heels of an upwardly revised 0.3 increase (from -0.1%) for January. The inventory-to-sales ratio was unchanged at 1.28 in February but down from 1.36 in the same period a year ago. The inventory-to-sales ratio was unchanged at 1.28 in February but down from 1.36 in the same period a year ago. Total outstanding consumer credit increased by $15.20 billion in February (Briefing.com consensus $14.00 billion) after increasing an upwardly revised $10.90 billion (from $8.80 billion) in January. Investors will not receive any economic data on Monday. Nasdaq Composite +9.2% YTD S&P 500 +5.2% YTD Dow Jones Industrial Average +4.5% YTD Russell 2000 +0.5% YTD Week in Review: Which Way Next? The stock market saw limited movement during the past week, leaving the S&P 500 just below its closing level from last Friday. The benchmark index bounced around a 34-point range before locking in a modest weekly loss (-0.3%) while the Dow Jones Industrial Average (unch) outperformed. Geopolitical developments were in focus from the jump. On Monday, President Donald Trump was quoted as saying he is ready to act alone on North Korea if China does not change the current situation on the Korean peninsula. The comments were made just days before Chinese President Xi Jinping's visit to President Trump's resort in Florida and ahead of a joint military exercise held by South Korea, the United States, and Japan. North Korea was back in the headlines on Wednesday when it conducted another missile test. The geopolitical conversation did not end there. On Friday morning, participants learned that the U.S. Navy conducted an overnight strike against the Shayrat airbase in Syria, which was deemed responsible for a chemical attack that was reportedly conducted on Tuesday. The action was supported by several U.S. partners while Russia suspended its information sharing agreement with the U.S. that was put into effect when Russia launched an air campaign in Syria in 2015. In addition to the geopolitical developments, participants received the latest Employment Situation report, which was a disappointment. Only 98,000 nonfarm payrolls were added in March, which was a far cry from the Briefing.com consensus estimate of 180,000. Average hourly earnings increased 0.2% (Briefing.com consensus 0.3%) and February earnings growth was revised up to 0.3% from 0.2%. The report spoke to the ongoing disconnect between the hard data and the soft data and it should challenge the stock market's economic growth assumptions. The growth assumptions may also be put to a test by policy actions from the Federal Reserve, considering the FOMC Minutes that were released on Wednesday revealed a discussion about a reduction to the Fed's balance sheet in the near term. As for rate hike expectations, the fed funds futures market does not expect a rate hike to be announced in May (4.3%), but expectations for a June hike have firmed a little, with the corresponding probability rising to 70.6% from last week's 62.5%. Sneaking into the red in the final moments of action on Friday, the major averages ended the week with losses all under 1%. That being said, today's session closed with the S&P 500 as the worst performer, shedding 1.95 points (-0.08%) to 2355.54. The Dow Jones Industrial Average for its part lost 6.85 points (-0.03%) to 20656.10, while the Nasdaq Composite declined 1.14 (-0.02%) to 5877.81. This week's moves take the three major averages to +5.2%, +4.5% and +9.2% YTD, respectively. Today's economic data included March nonfarm payrolls increased by 98,000 and March private sector payrolls increased by 89,000. Additionally, wholesale inventories increased 0.4% month-over-month in February, as expected, versus a 0.2% decline in January. Wholesale sales for February increased 0.6% on the heels of an upwardly revised 0.3 increase (from -0.1%) for January. Lastly, total outstanding consumer credit increased by $15.2 billion in February after increasing an upwardly revised $10.9 billion (from $8.8 billion) in January. Despite carrying gains for almost the entirety of the session, the Technology (XLK 53.06, -0.03 -0.06%) space succumbed to last minute selling pressure. Component Frontier Communications (FTR 2.06, -0.04 -1.90%) was weaker today on no specific news. The US Telecom space as a whole outperformed today IYZ +0.33% followed by XLP +0.27%, XLV +0.18%, XLRE +0.13%, XLI +0.11%, XLB -0.09%, XLY -0.30%, XLE -0.38%, XLF -0.42%, XLU -0.43%. In the S&P 500 Information Technology (900.93, -0.61 -0.07%) space, trading ended modestly lower. Components WU -1.17%, AKAM -1.11%, HPQ -1.08%, FFIV -0.92%, ADS -0.92%, EBAY -0.73%, CRM -0.73%, NTAP -0.61%, NVDA -0.43% ended Friday lower, pressured by the broader sector. Other notable news items among sector components: Cloud software developer Okta (OKTA 23.68, +6.68 +39.29%) debuted on the floor of the NASDAQ today; shares opened for trading at $23.56 after pricing its 11 million share IPO at $17 per share last night. Alphabet A's (GOOGL 842.10, -2.99 -0.35%) YouTube confirmed it has expanded partner program safeguards to protect creators. GoPro (GPRO 8.55, +0.04 +0.47%) upsized an offering by $25 million and priced $175 million of 3.50% Convertible Senior Notes due 2022. Moneygram's (MGI 16.29, -0.04 -0.24%) Board sent a letter to employees, stating its commitment to the merger agreement with Ant Financial. Airmedia (AMCN 3.03 +0.05 +1.68%) disclosed the establishment of Unicom AirMedia jointly with China Unicom (CHU 14.09, +0.64 +4.76%) and Chengdu Haite Kairong Aeronautical. Analyst actions: TWLO was upgraded to Overweight from Neutral at JP Morgan, LOGM was upgraded to Outperform from Market Perform at Cowen, SYNA was upgraded to Buy from Hold at Needham; ANET was downgraded to Neutral from Buy at Instinet, MMS was downgraded to Hold from Buy at Canaccord Genuity; EQIX, CONE, DFT, QTS all initiated with Outperform ratings at Macquarie, EPAM was initiated with an Outperform at Credit Suisse, NSIT was initiated with a Neutral at B. Riley & Co., CYBE was initiated with a Buy at Craig Hallum

To: Donald Wennerstrom who wrote (75336)	4/9/2017 9:36:13 PM
From: Return to Sender	2 Recommendations Recommended By Donald Wennerstrom The Ox Respond to of 95770

InvestmentHouse - US Bombs, Jobs Report Bombs (Weekend Newsletter) investmenthouse.com - US bombs, Jobs Report bombs, stock market hangs in its trends. - SP500, DJ30, SOX testing 50 day EMA, NASDAQ holds its trend, while RUTX/SP400 try to return to more bullish looks. - Jobs report weak and weather is blamed as retail and construction drop. - Steel stocks show signs of returning to the upside as did retail before them. - Market still sets up new patterns and they are breaking higher as well. Friday you had your choice for breakfast, 59 Tomahawk missiles that bombed Syria or a Jobs Report that bombed itself. Neither were good market scenarios. Futures were lower as you would expect, but not horrid. Overnight when news of the bombing broke, stock futures dove into the abyss, more or less. They quickly recovered, however. It took a crappy jobs report to send them back down ahead of the open. From there, however, a steady recovery into early afternoon. That even took the market positive -- before it gave up the recovery and all but RUTX and SOX closed flat. SP500 -1.95, -0.08% NASDAQ -1.14, -0.02% DJ30 -6.85%, -0.03% SP400 -0.10% RUTX 0.01% SOX 0.47% VOLUME: NYSE -6%, NASDAQ -10% A/D: NYSE -1.1:1, NASDAQ slightly negative breadth. All in all, considering the news, this was not bad action. Reason to sell but no sellers. Meaning? SP500 and DJ30 continued holding support of the 50 day MA. NASDAQ is holding its position near the top of its range, using the 20 day EMA as support. SOX did a good job of testing the 50 day MA late week and bouncing. The two black sheep, SP400 and RUTX, are attempting to rejoin the flock. SP400 midcaps are in something of a 4+ month head and shoulders, but the past 6 weeks look as if they are putting in an inverted head and shoulders. RUTX is similar, though not quite as elegant perhaps as SP400. Mind you Friday was no great shakes, but it avoided a selloff when it would appear the market could have found plenty of reason to sell. Jobs Report Q1 ended with weak jobs, particularly from retail that saw another loss, dropping 30K jobs. So much for the 'predictive' powers of the ADP report. And it was supposedly redesigned a couple of years ago to more closely track the BLS number. Sounds as if another iteration is needed. Non-Farm Payrolls: 98K versus 175K expected versus 219K prior (from 235K) Unemployment 4.5% versus 4.7% expected and 4.7% February Hourly Wages: 0.2% versus 0.3% expected versus 0.3% February (from 0.2%) Year/year: 2.7% versus 2.6% Workweek: 34.3 versus 34.4 expected versus 34.3 prior (from 34.4) Participation rate: 63.0% versus 63.0% February. 94.213M working aged people are still outside the working class. Impressive number of non-working working aged people. Retirees? Some brush off the number saying they are just baby boomers. But with so many older people joining the workforce the past 8 years to make ends meet there are many younger workers who are out of the workforce, opting to draw upon the various programs available to nonworkers versus take on one of the menial jobs this economy is good at producing. Why have the hassle of a job you are overqualified for when you can play video games and stay on social media all day and get paid to do it? I know of people who are doing this and have been doing this for quite some time. The old adage is as true as it ever was: if you pay someone not to work, unless the options for working are VERY good, the person won't work. We make it very easy for people to choose not to work. Where the jobs are and are not: Retail: -30K, another sharp decline Professional/Business services: +56K Healthcare: +14K Mining: +11K Manufacturing: +11K (26K prior month) Construction: +6K (down from 59K, 46K Feb and Jan) Most are saying, given the construction numbers, that weather knocked down the number. Plausible explanation, for the very weak report, but there is no question the jobs numbers remain, despite Zandi's commentary that the market is roaring, are not that powerful. Interestingly, last week Trump penned an order sharply limiting the use (and abuse) of H1-b visas. Tech companies, the ones screaming the loudest about not enough qualified labor, have used the program to bring in tech workers (exempted from any restrictions) and REPLACE US-born workers. Trump removed that exemption for tech, requiring the people to meet the requirements for all other areas. Now the tech titans will scream all the more. Hey, it takes a lot of cheap labor to make your billions. Hmmm, WHERE in US history have we seen imported free or low-cost labor used to prop up the wealthy class? I believe that was pre-civil war . . . THE MARKET CHARTS All of the large cap indices held the same relative position. It was the SP400 and RUTX that may be altering their patterns in a more upside direction, but at this point they are still not there. You have to keep an open mind when looking at chart patterns. They do not always speak to you, at least clearly, and in those situations you have to be patient and let them work through the patterns, keeping an eye on how leaders are performing. SP400: Peaked to start March and has since worked in a range of lower highs and lower lows, but as noted earlier, has the possibility of a 6 week inverted head and shoulders setting up. Possibility. It has to show it. SP500, DJ30: Still holding over the 50 day MA's in their 3 week tight lateral ranges, holding that important support level. NASDAQ: Just off the all-time highs bumped in March and last week. Trending higher, still has tech, software, and chip support. SOX: This is a promising result for the entire market. SOX trended up the 20 day EMA after bouncing off the 50 day EMA in December. It went ahead and made the 50 day MA test, getting it out of the way, somewhat clearing the decks for a new move higher. As with SP500, DJ30, a test of an important level. RUTX: You can trace out a potential inverted head and shoulders the past 5 weeks somewhat similar to SP400 pattern. A bit rougher but the same idea, and if SP400 uses it to break higher, the odds are RUTX would follow. LEADERSHIP Recently the market showed new life in retail and oil. Some others are attempting to join the continuing group of leaders. Metals: Yes some of them are back. AKS, ZEUS, STLD are very interesting. Semiconductors: Keep pulling winners out of the hat. QRVO broke higher Friday. SWKS as well. SIMO still looks very good as does AMKR, BRKS, PLAB, MU. Retail: Some are taking a breather after a great move, others still look good. PIR broke higher Friday on good volume. WSM is taking a breather as is LL after blistering break higher. Oil: Not a grand week, but working on the move. APC still setting up the inverted head and shoulders. APA started back up last week. SWN still looks very strong to move higher. HAL is even putting in something of a bottom at the 200 day SMA. Biotechs/Drugs: Some fell out of patterns but many did not. CNAT is screaming upside again. INVA is setting up for another move higher as is TTPH. China: Some of these stocks are coming around again, e.g. CTRP, VIPS. Financial: Noncommittal, trying to ascertain what the Fed comments re the balance sheet reduction mean for rates. BAC, JPM, KEY look less than great. MARKET STATS DJ30 Stats: -6.85 points (-0.03%) to close at 20656.1 Nasdaq Stats: -1.14 points (-0.02%) to close at 5877.81 Volume: 1.656B (-9.4%) Up Volume: 784.91M (-305.09M) Down Volume: 852.69M (+179.8M) A/D and Hi/Lo: Decliners led 1.02 to 1 Previous Session: Advancers led 2.14 to 1 New Highs: 66 (+18) New Lows: 41 (-24) S&P Stats: -1.95 points (-0.08%) to close at 2355.54 NYSE Volume: 752.7M (-5.59%) A/D and Hi/Lo: Decliners led 1.12 to 1 Previous Session: Advancers led 3.14 to 1 New Highs: 72 (-20) New Lows: 11 (-23) SENTIMENT INDICATORS VIX: 12.87; +0.48 VXN: 13.49; +0.76 VXO: 11.66; +0.35 Put/Call Ratio (CBOE): 0.95; +0.05 Bulls and Bears: Bulls jumped back up to the higher end of the range after a week of market doubt. When the market did not plunge farther off that nasty Tuesday break lower a couple of weeks back, confidence stabilized. Still cannot forget the 7 weeks over 60%, however, and that is still lurking out there and is historically a market top indicator, just not a timing indicator. Don't forget those 60+ readings in the equation. Bulls: 55.8 versus 49.5. After a panic week, bulls rebound. Bears: 18.3 versus 18.1. The bear rose as well but that means they were more bearish, moving the opposite direction in terms of the view of the market. Theory: When everyone is bullish and has put all their capital to work, where does the ammunition to drive the market come from? There is always new money to start a new year. After that is used will more money be coming? That is the question. Bulls: 55.8 versus 49.5 49.5 versus 56.7 versus 53.4 versus 57.7 versus 63.1 versus 61.2 versus 61.8 versus 62.7 versus 61.8 versus 58.2 versus 60.6 versus 58.6 versus 60.2 versus 59.8 versus 59.8 versus 59.6 versus 58.8 versus 56.3 versus 55.6 versus 51.0 versus 42.9 versus 41.7 versus 47.1 versus 42.9 versus 46.1 versus 46.7 versus 45.2 versus 44.6 versus 49.0 versus 52.5 versus 55.9 versus 56.7 versus 56.2 versus 54.3 versus 52.9% versus 53.9% versus 54.4% versus 52.5% versus 47.1% versus 41.6% versus 47.5% versus 45.9% versus 47.3% versus 45.4% versus 35.4% versus 40.2 versus 39.2 Bears: 18.3 versus 18.1 18.1 versus 17.3 versus 13.75 versus 17.3 versus 16.5 versus 17.5 versus 17.6 versus 16.7 versus 17.6 versus 17.5 versus 17.3 versus 18.3 versus 18.4 versus 19.6 versus 19.6 versus 19.2 versus 19.6 versus 22.3 versus 21.6 versus 23.5 versus 25.7 versus 24.3 versus 23.1 versus 23.8 versus 23.1 versus 22.8 versus 23.1 versus 24.3 versus 22.6 versus 22.8 versus 20.6 Versus 20.2 versus 20.0 versus 20.9% versus 21.2% versus 21.6% versus 23.3% versus 24.7% versus 24.5% versus 23.8% versus 23.2% versus 23.5% versus 23.8% versus 23.7% versus 24.0% versus 21.7% versus 21.6% versus 21.7 versus 20.6% versus 21.7% versus 27.8% versus 27.8% versus 28.9% versus 27.8% versus 30.3% versus 35.4% OTHER MARKETS Bonds (10 year): 2.37% versus 2.34%. Double bottom, inverted head and shoulders, whatever, bonds look as if they want to break higher again near term. Historical: the last sub-2% rate was in November 2016 (1.867%). 2.34% versus 2.33% versus 2.34% versus 2.33% versus 2.35% versus 2.40% versus 2.41% versus 2.382% versus 2.418% versus 2.376% versus 2.40% versus 2.41% versus 2.40% versus 2.43% versus 2.463% versus 2.50% versus 2.529% versus 2.502% versus 2.602 versus 2.617% versus 2.58% versus 2.60% versus 2.55% versus 2.51% versus 2.49% versus 2.48% versus 2.46% versus 2.260% versus 2.367% versus 2.31% versus 2.38% versus 2.42% versus 2.43% versus 2.42% versus 2.45% versus 2.50% versus 2.473% versus 2.43% versus 2.41% versus 2.398% versus 2.340% EUR/USD: 1.05906 versus 1.0645. Euro breaking lower from the lateral consolidation at the 50 day MA. Historical: 1.0645 versus 1.06760 versus 1.06804 versus 1.06702 versus 1.06584 versus 1.06855 versus 1.07546 versus 1.0815 versus 1.08640 versus 1.07894 versus 1.07670 versus 1.07920 versus 1.08117 versus 1.0748 versus 1.07395 versus 1.07710 versus 1.0732 versus 1.06070 versus 1.0636 versus 1.06746 versus 1.06746 versus 1.05384 versus 1.0566 versus 1.05764 versus 1.06266 versus 1.05214 versus 1.05327 versus 1.05710 versus 1.05877 versus 1.05616 versus 1.05830 versus 1.0557 versus 1.05474 versus 1.06108 versus 1.06665 versus 1.06148 versus 1.05762 versus 1.06023 versus 1.06411 versus 1.06557 versus 1.06825 versus 1.06814 versus 1.07219 versus 1.07880 versus 1.07605 versus 1.07892 versus 1.0791 versus 1.07294 versus 1.06957 versus 1.06843 versus 1.0683 versus 1.0756 versus 1.07274 versus 1.0761 versus 1.07027 versus 1.06394 versus 1.06381 versus 1.07114 versus 1.06450 USD/JPY: 111.096 versus 110.85. Little double bottom at the 200 day SMA. Historical: 110.85 versus 110.794 versus 110.705 versus 111.386 versus 111.255 versus 111.114 versus 110.581 versus 111.335 versus 111.242 versus 111.295 versus 111.502 versus 112.289 versus 112.707 versus 113.349 versus 113.447 versus 114.726 versus 114.833 versus 114.807 versus 115.259 versus 114.563 versus 113.498 versus 113.966 versus 114.042 versus 114.169 versus 113.951 versus 112.966 versus 223.982 versus 112.169 versus 112.745 versus 113.324 versus 113.399 versus 112.906 versus 113.356 versus 113.880 versus 114.306 versus 113.65 versus 113.856 versus 113.265 versus 113.401 versus 112.207 versus 112.332 versus 111.815 Oil: 52.24, +0.54. Broke through the 50 day SMA and is trying to get back to the 55ish level that has acted as resistance. Gold: 1257.30, +4.00. Surged through the 200 day SMA Friday, but could not hold that move. Reminiscent of late February when it tested the 200 day but could not make the break. MONDAY US carrier battlegroup is steaming to North Korea, Russian warships steaming to Syria, and who knows what more will transpire ahead of Monday. Similar news Friday did not sink stocks. Didn't help them, but the sellers were not selling. SP500, DJ30, SOX are in good 50 day MA tests. NASDAQ is holding the 20 day EMA. Could it be that SP400 and RUTX are forming up near term upside patterns? Some metals stocks, namely steel, are setting up new patterns, getting money thrown at them. Retail, chips, drugs/biotechs still look solid. Oil is trying to follow oil prices higher; perhaps those stocks will move if oil breaks 55/bbl. The point: there is leadership and some nascent new leadership trying to form up. The indices are holding support, and those that broke just might try to put in an upside pattern. As improbable as it would appear given the Fed tightening and wanting to dump its balance sheet, the lack of tax and healthcare reform, weaker Q1 economic activity, and a lot more international intrigue, stocks are not selling and indeed appear as if they could move higher. Again. The Jobs Report stunk it up, again not acting as a catalyst up or down. The market has not surged after those reports, but it has shown a slow build upside with the leaders making the moves. With that background we will continue looking at solid upside plays in solid sectors. We have some really good ones to go for Monday, and if the patterns in the market hold, there will be more of those as we have a pretty good list from this weekend. Again, as improbable as the continuing move may seem, it continues not to crack and to produce good upside patterns, and importantly, breakouts. Have a great weekend! SUPPORT AND RESISTANCE NASDAQ: Closed at 5877.81 Resistance: 5912 5928 is the March all-time high. Support: 5800 from the February consolidation lows The 50 day SMA at 5815 The 50 day EMA at 5795 The 2016 trendline at 5723 5661 is the late January upper gap point 5601 is the January lower gap point The November prior all-time high at 5404 The 200 day SMA at 5395 5340 is the September and October 2016 twin peaks 5287.61 is the September 2016 high 5271.36 is the August 2016 intraday prior all-time high 5231.94 is the 2015 all-time high 5170 is the October intraday low. 5162 is the early November peak, 5176 is the December intraday peak 5100 from the April peak and early May peak 5042 is the March 2015 high 5008.57 is the early March 2015 post-bear market high 5007 is the 12/31 upper gap point from that big gap lower 4999 is the October upper gap point 4980 is the June 2016 peak S&P 500: Closed at 2355.54 Resistance: 2390 is the March interim recovery high 2401 is the all-time high Support: The 2016 trendline at 2371 The 50 day SMA at 2347 The 50 day EMA at 2341 2301 is the late January 2017 high 2282 - 2280 from January 2017 2277.53 is the December 2016 high The 200 day SMA at 2222 The November 2016 all-time high at 2213.25 2194 is the August 2016 prior all-time high 2175 is the June 2016 high 2135 is the May 2015 all-time high 2130 is the June 2015 peak 2126 was the April 2015 prior all-time high 2120 is the June 2016 peak 2119 is the September 2016 low; February 2015 intraday high 2116 is the November 2015 high 2111 is the April 2016 recovery high 2104 is the December 2015 high 2094 is the December 2014 high 2079 is the intraday all-time high from November 2014 2062 is the January 2015 lower high 2046 is the July 2015 closing low 2040 is the March 2015 closing low Dow: Closed at 20,656.10 Resistance: 21,100 is the March interim recovery high 21,169 is the all-time high Support: The 50 day SMA at 20,604 The 50 day EMA at 20,535 20,126 is the January 2017 intraday high 20,101 is the late January closing high. 19,994 - 19,999 (early January high, upper gap point from late January 19750 is the lows of the December/January range The 200 day SMA at 19,192 18,669 is the August 2016 all-time high 18,595 is the July 2016 peak 18,351 is the prior all-time high from May 2015 18,288 from March 2015 18,262 is the upper gap point from the Monday gap lower. 18,247 is the August 2016 low 18,168 is the April 2016 recovery high 18,100 to 18,181: interim peaks in the December 2014 to July 2015 range 18,016 is the June 2016 peak 17,992 is the early September low 17,978 is the November 2015 peak 17,960 is the October intraday low 17,600 is the rough bottom of the April to June range. 17,351 is the September 2014 all-time high.

To: Donald Wennerstrom who wrote (75336)	4/9/2017 9:58:57 PM
From: robert b furman	2 Recommendations Recommended By Donald Wennerstrom Gottfried Respond to of 95770

It is really quite amazing. The dot.com bomb crashed as everyone's future vision realized the ubiquity of the internet would after all take time. Still to this day 50% of the used car dealers walk a customer if they don't get their undocumented price (dream/opinion). Those customers go to Autotrader.com or Cars.com and find 50 vehicles with less miles and better condition below the ignorant dealers "vision of the vehicle's value" all within a 5 hour drive at most. The great equalizer = the internet! It is those dealers who wonder where all the traffic HAS GONE? Yet those of us who have experienced the last 16-17 years see Amazon.com shuttering thousands of retail outlets and see UPS trucks and FedEx trucks everywhere - even in the deep rural markets I live in - in Wisconsin. It is relentless and inevitable. Yet we should be surprised to see Sox or SMH hit new highs as 0ver half of the enabling tech companies have either run competitors broke and/or merged to be relentlessly more efficient - with maintained margins. It is the greatest source of continuous growth our generation / life time will see. So it will be!! BOB In my eyes it not questioned - it is expected -WITH ONE CAVEAT - IATL = IT ALWAYS TAKES LONGER. A multi bagger in tech is more than due !! Bob