As I shared on my private blog on Friday, the market should have been crushed on the very disappointing news regarding employment. Rather than fade the elevated levels after the rally of the past couple of weeks, investors apparently used the bad news to add to positions, as the lows were set 90 minutes into the day and the market closed at the highs, ending the week up. I think that this type of action is very telling, suggesting that the nascent summer rally is just getting started.
Another "tell" is the strength in the NASDAQ 100 (QQQ), which is the first major index to clear the April highs. Already up twice as much as the S&P 500 this month, with its 3.5% gain, it had it's highest close of the year on Thursday