General markets were up on lower volume though all major indices made higher-highs in a continued rally phase. While the market has baby-stepped higher on mixed volume for the past six weeks, no appreciable signs of weakness have been forthcoming. Thus in the absence of evidence to the contrary, the trend remains to the upside.
Google (GOOG) which accounts for nearly 5% of the NASDAQ 100 Index, crossed the 800 price level in above average volume. Michael Kors (KORS) moved higher but then reported yet another secondary offering after the close, sending the stock lower. While such a price move lower is typical for secondary announcements and not a negative, this is the third time KORS has done this as the stock has moved to new highs, sparking speculation that insiders are working to cash out.
In economic news, the National Association of Home Builders said its housing market index slipped this month, below expectations. Home-building stocks across the board pulled back to retest their 50-day moving averages in most cases with the exception of D.R. Horton (DHI), which remains well above the intra-day low of its buyable gap-up day on January 29th.
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