This past week was a shortened trading week as markets were closed last Monday for Memorial Day Weekend.
That said the action was fast and furious. Tuesday saw the S&P 500 lose more than -1% for the first time in May.
After losing -1% on more than one occassion in February, March and April it seemed that May was going to conclude with no volatility. That said, at least there were not multiple drops of more than -1%.
Then Wednesday saw the S&P 500 gain more than 1% as well as gaining back all of Tuesday's losses. Thursday saw the S&P 500 fall and then on Friday the S&P 500 rose more than 1% to finish the week at 2734.62.
This was the highest close on the S&P 500 since Mid March when the index closed at 2751.77 on March 16th.
Meanwhile, the Russell 2000 remains on fire as it gained again this week up 1.29% and is now up for the year by 7.32% compared to the S&P 500 being up 2.28%.
Bonds continued to rally after seeing yields peak on May 17th. Clearly, the 10 year is telling us the economy is not too hot. The U.S. Dollar via UUP remains in a pronounced uptrend as it has now risen by 7.22% since the February low.
For the week, the top sector was Technology that rose 2%. No other sector gained more than 1% for the week. It should be noted both Industrials and Financials lost more than -1% for the week.
Check back on Monday morning for comments on The Week Ahead and we should have a few more articles out over the weekend.