The market had a good week as the SPY was up 1.78%, VTI +1.64%, VT +1.89% and AGG -.15%. But it was the NASDAQ that really powered the market, the Qs (QQQ) was up 4.27% on the week helped by MSFT, AMZN and GOOG.

Economic data was not in sync with the positive market. The Chicago Fed National Activity Index missed by 1/2 point. the CFNAI measures overall economic activity. It was the worst reading since June of 2014 and the 3-month average of -.27 is now the worst since October of 2012.

Likewise, the durable goods report, ex-transportation, also was 1/2 point short of consensus.

400 companies reported earnings and 64% beat earnings estimates but only 42% beat the revenue number. Earnings guidance is running at about a -3.5% so far this quarter, but that is an improvement on last quarter.

None of the above seems to matter. In a world with zero or negative interest rates there is not much alternative. The SPY and the VTI are very close to all-time highs, the Qs are in new high territory as is VT.

Some of the former high flyers are back in business. AMZN closed the week up 18.5%. Since January 20th, AMXN is up 53.78% and has a forward p/e of about 100. Over the last two weeks NFLX is up 22.84% and is up 63.46% on the year. NFLX has a forward p/e of 125.