6 Weeks of Green: DJIA Quietly Creep Higher 18 August 2012

Bluechips, SPX 500 gain for 6th straight week

Nasdaq turns in 5th week of gains

If the markets rally for a sixth consecutive week, but no one is there to witness it, does it still count?That question will be left up to investors next week after Wall Street wrapped up its longest win streak since January 2011 following a very quiet Friday that saw the major indexes barely budge.
The Dow Jones Industrial Average rose 25.09 points, or 0.19%, to 13275.20, the S&P 500 gained 2.65 points, or 0.19%, to 1418.16 and the Nasdaq Composite added 14.20 points, or 0.46%, to 3076.59.

Despite the lack of market participation, the S&P 500 landed at fresh four-month highs and is less than one point away from notching a new four-year closing high. There were few economic reports to back the move higher, though new data did reveal consumer sentiment in August unexpectedly climbed to the highest level since May.

Underscoring the relative quiet that has descended upon Wall Street, the VIX volatility index retreated another 5.7% on Friday to tumble as low as 13.30 -- its lowest level since June 2007.

WALL STREET ANALYSTS QUOTES

 “What matters is that we’re close to four-and-a half year highs. There is a higher drift. It’s good for people who have equity positions because those who are underweight are going to be forced to catch up.”

“Economic indicators are not really having an effect. As long as the news is not terrible, markets can hold their own.”

"I'm not laying out any new shorting strategies on fear the Fed could come in with another round of dollar printing."
"There's been a lot of talk about a turn in real estate and that it has bottomed.
I don't know if I see the turn just yet."

HAPPY TRADING & GOODLUCK2ALL