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The S&P closed out Friday’s session in positive territory, giving the bulls their second straight week of gains.
Friday’s advance was something of a relief rally after Egyptian President Hosni Mubarak resigned, easing tension around the Middle East for now."If things deteriorated in Egypt that would have created a risk for U.S. markets, especially if the Suez Canal was closed," says James Gaul, portfolio manager at Boston Advisors in a Reuters interview. "We've removed a short-term uncertainty and are seeing a positive reaction as a result."
For the week, the Dow was up 1.5 percent and both the S&P and Nasdaq were up 1.4 percent.
Does the rally have legs? How should you position now?
Instant Insights with the Fast Money tradersJoe Terranova suggests focussing “on the performance of small caps , consumer discretionary and the Vix . “ The positive action in the Russell and the XLY and the decline in the fear index suggest to him that investors are willing to embrace risk. That leaves Terranova feeling bullish. Stephen Weiss, author of The Billion Dollar Mistake also sees lots more upside in the market. However he cautions that "the rally belongs to growth and momentum stocks not necessarily value names," he says.
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