Not much to report in terms of market activity, except that all the major averages were higher for the week, though remaining in a very tight range that has persisted since the first week of February.
The Dow Jones Industrials have vacillated between roughly 17,600 and the high of 18,288 (about a 700-point spread) for 11 weeks running, generating plenty of noise, but nothing substantial upon which to base future market-turning events.
Thus, the ongoing view is rather cool and contained, the bulls mostly winning the war, what with the Fed's continued blabbering over interest rates. Current outlook is for the Fed to keep rates at the zero-bound for as far as the eye can see, which would be until next year, maybe.
Sustained weakness in the US and global economies has kept a lid on any proposed rate hikes. Meanwhile, most of the stronger economies of Europe (an oxymoron if ever there was one) have fallen prey to negative rates and renewed fears of either a Greek exit from the EU (Grexit) and/or fears and outright signs of deflation.
Oil prices ramped back up to their highest levels in four months, dragging fuel prices at the gas pump higher, all occurring amid a record growth of reserves. The oil market is not - like most markets around the world - free from price-fixing and mauling by major manipulators.
For the week, the Dow gained 253.84 (1.42%); the S&P added 36.51 (1.75%); and, the NASDAQ popped 160.27 points (3.25%), breaking through to new closing highs not seen in 15 years (5092.08). Clearly, the real money is being made in momentum plays and the NAZ is where they are.
Irrational? We give you exuberance and euphoria.