The market finished the final session of the week in a mixed fashion. For the week as a whole, the market gained around 1%. We had an uncommonly calm week, which historically could lead to some short-term weakness. However, any such weakness tends to be temporary. As long as the economic recovery is intact, we should see higher equity prices over time. In today’s economic news, retail sales for February unexpectedly rose 0.3%. And excluding autos, it also rose stronger than expected. Separately, the University of Michigan consumer sentiment index for March fell to 72.5 from 73.6 in late February.

Most major sectors finished the session little changed. The CRB commodity index was little changed. The US dollar was lower against most major currencies. Treasury yields were little changed. The three-month US LIBOR was unchanged at 26 bps. The VIX index dropped slightly. The market breath was neutral on both NYSE and Nasdaq. The volume was neutral compared to the previous session.

The market rallied once again on Thursday. The S&P 500 registered its ninth gain during the past ten sessions and closed at a fresh 17-month high. Interestingly, it was Citigroup CEO Pandit’s comments the bank was on a path towards “sustained profitability” that helped today’s rally. For those that followed the market closely, they should remember that it was also comments by Pandit one year ago that triggered the 70%-plus rally in the S&P 500. But with much richer valuation now compared to one year ago, the market will not see that kind of rally for sure. Separately, the initial jobless claims fell by 6K to 462K, basically in-line with expectations. The trade balance for January came in with a $37.3 billion deficit. A wider deficit had been expected.

Most major sectors finished the session higher led by consumer discretionary and financials. The CRB commodity index dipped 0.5%. The US dollar was lower against most major currencies. Treasury yields were higher. The three-month US LIBOR was unchanged at 26 bps. The VIX index dropped slightly. The market breath was positive on both NYSE and Nasdaq. The volume was lighter compared to the previous session.

The market continued to advance on Wednesday. The S&P 500 posted its eighth gain in the past nine sessions and is only 5 points away from the 15-month high reached in January. There is little economic or corporate news moving the market so far in the week. As a result, the market action is quite dull. The Commerce Department said that wholesale inventories fell 0.2% in January after dropping 1% in December. At the same time, companies’ sales rose 1.3%, the 10th straight gain. Companies are going to aggressively restock inventories in the next two or three quarters and this can also be confirmed by stronger-than-expected exports data out of China. However, such inventory led growth tends to be temporary unless job growth will pick up by then.

Most major sectors finished the session higher led by telecom and financials. The CRB commodity index dipped 0.1%. The US dollar was higher against most major currencies. Treasury yields were higher. The three-month US LIBOR was unchanged at 26 bps. The VIX index rose slightly. The market breath was positive on both NYSE and Nasdaq. The volume was neutral compared to the previous session.

The market rose slightly on Tuesday. It is hard to believe that this time last year, investors were so pessimistic about the economy and the stock market that some were looking for the Dow Industrial Average to touch 5000 points. Now the index is solidly above 10000 points. The rebound in the past twelve months has generated $5.7 trillion in shareholder wealth but the total value of US stocks is still down about $5.5 trillion from the market’s 2007 peak. I believe that we should enjoy quite a run during the current bull market although the pace could be choppy. The market is most likely to move within a rather narrow range until the end of the month.

Most major sectors finished the session higher led by telecom and industrials. The CRB commodity index dipped 0.7%. The US dollar was mixed against most major currencies. Treasury yields were lower. The three-month US LIBOR rose 1bps, to 26 bps. The VIX index rose slightly. The market breath was neutral on both NYSE and Nasdaq. The volume was a little heavier compared to the previous session.

The market finished the first session of the new week in a mixed fashion. But considering the massive gain it made during the past three weeks, some consolidation around the current level may not be a bad thing for the market to move forward. Tomorrow will mark the anniversary of the stock market bottom. I believe very few investors realized it at that time. Such is the nature of the stock market. For myself, I didn’t have the confidence to call it the bottom until one month later, when the S&P had already rallied over 20% since March 9th 2009. From the March lows to today, the S&P 500 has returned a total of 72% including dividends while the Nasdaq has risen 83.8% and ended Monday at a fresh 18-month high.

Most major sectors finished the session little changed. The CRB commodity index dipped 0.1%. The US dollar was higher against most major currencies. Treasury yields were higher. The three-month US LIBOR was unchanged at 25 bps. The VIX index rose slightly. The market breath was neutral on both NYSE and Nasdaq. The volume was a little lighter compared to the previous session.