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Stocks Defy Gravity, Best Weekly Gains in 2 Months
04 Feb 2011 EST - CNBC.com
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On Friday the S&P 500 closed out its best week in over 2 months as the bulls defied chatter of a pullback and drove the market even higher.For the week the Dow rose 2.3 percent while the S&P 500 rose 2.7 percent.

Signs of improvement in the economy and strong corporate earnings trumped fears that commodities had moved too far too fast. Of all the sectors, technology was the greatest source of bullish momentum with buyers pushing the Nasdaq to new 3-year highs after the index posted its best week since mid-September.

However, investors were selective and took profits in energy, and financials.

What should you make of the moves How should you position now?

Instant Insights with the Fast Money tradersGuy Adami had been cautious but on Friday's Fast Money admits that the market performance has been outstanding and says, "You can't discount that." He thinks the market could continue higher because, "Not only do the bears want it to go down but the bulls want it to go down too, so they can buy more. And when both want something to happen, it typically doesn't."

Joe Terranova is impressed by the rotation happening in the market. "Late in the seesion we saw a rotation into laggards such as health care and consumer stocks," he explains. It suggests the market may be finding new leadership.--------YIELD SIGNS

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