S&P 500 makes an all time high on Friday as the indices continue to climb the wall of worry.  Many of the analysts and fund managers have been expecting a correction but it has not yet materialized and there are a lot of funds sitting with large cash positions.  With the year end approaching, they realize cash does not bring suitable returns when markets keep making new highs.  Especially since the compensation, quite often is tied to performance relative to the indices.  The NDX did not confirm the SPX but it is right up against overhead resistance so wouldn't doubt it goes through.  For Dow theorists, though, Dow Transportation makes a new high issuing a buy signal for markets. 

The Russell 2000 (IWM) also makes a new all time high.  Semiconductors (SMH) makes an all time new high on Friday.  Financials (FAS) makes an all time new high.  Anyone seeing a pattern here?  The trend remains your friend.

Biotechs (BIB, LABU, XBI) are up against/or just broke through overhead resistance.  If the rest of the markets are so strong, biotechs should move along with them all. 

Gold (GLD) broke out above its base and traded up to resistance and pulled back.  But it traded below support so may trade lower.  The goldminer ETFs though are not looking that strong and I am waiting for them to develop a pattern before I try to trade them.

ABEO: A nice winner from my watch list on Thursday night as the stock ran $2.00 to my price target of $19.00 before pulling back and closing unchanged (up $0.05).  It did trade to the top of the up trending channel and may be the reason for the pull back.  let's see how it consolidates in here as the price target is $21.00 and $23.00.  Short ratio, 5.2 days to cover.

AKBA: Last week the stock broke through lateral resistance at $18.00 and on Friday traded as high as $19.73 before closing at $19.67.  Over Friday's high and I would look to go long with $21.00 and $23.00 as price targets.  Short ratio, 5 days to cover.

ARDM: After gapping down last December the stock has built a base and last week surged strongly higher filling the gap and trading on Friday up to $4.74 before closing at $4.20.  The stock has strong momentum and the next resistance is $5.75 then $7.00

AXTI: Semiconductor stock trading right near its highs.  It is in a strong up trending channel and semis are one of the strongest sectors right now.  Over $9.25 I would start a position and add over $9.50.  $12.00 is the target.  Short ratio, 4.8 days to cover.

CAPR: What a nice move on Friday.  Mid September it broke out of its basing pattern and traded up to $2.65.  It then formed a wedge pattern and Friday broke to the up side trading as high as $3.05 closing at $3.03.  If the momentum continues, price targets are $3.50 and $5.50.  Short ratio, 4 days to cover.

CBAY: Stock made a double top on Thursday and pulled back on Friday.  If it can trade through $8.45 then $10.00 is the price target.  

CONN: Stock gapped up strongly on Friday trading right up to resistance at $28.50 closing at $28.15.  There is strong resistance at the $28.50 level.  But through that and the next stop is $35.00  Short ratio, 9.8 days to cover so a short squeeze could help push the momentum higher.

DVAX: A stock I wrote about last week and watching for a break over $21,85.  Price target $28.00.  Short ratio, 4.5 days to cover.

EDIT: Volatile stock but it is the third attempt to break through the $24.50 level.  If it can then $28.00 is the next target.  Short ratio, 5 days to cover.

HALO: Stock gapped up 2 weeks ago and traded as high as $17.50.  It then formed a wedge pattern and last week broke out to the upside.  On Friday it traded up to lateral resistance trading as high as $17.62 closing at $17.37.  I would look to go long over $17.65 with $19.50 and $21.00 as the price target.  Short ratio 12.8 days to cover so could add a lot of momentum to the trade.

KURA: After the gap up early September the stock formed an ascending wedge.  Thursday it broke to the up side and on Friday it had follow through trading as high as $15.30 closing at $14.95.  I would look to go long over Friday's high with $17.00 as the target.

MRNS: Stock is in a steady rising channel and has been trading up at lateral resistance the last three sessions.  Over $6.00 and targets are $6.75 and $9.00.