Dow Industrials Up 1.9% For The Week; Will Snap Give A Buy Point Soon?

X Stocks struggled on Friday, and smaller issues got particularly pounded, yet the major indexes finished the week with handsome gains. The Dow Jones industrial average, off just 0.2% on Friday, still advanced almost 1.9% for the week.

Furthering bolstering the case that the market has resumed its uptrend, as noted in Monday's Big Picture column, the Dow Jones industrial average is just 1% below an all-time peak of 21,169.

The S&P 500 also slipped 0.2% on Friday while the Nasdaq composite was nearly breakeven. Both indexes romped higher for the week, up 1.5% and 2.3%, respectively. The Nasdaq also hit 6000 for the first time.

NYSE-listed Snap (SNAP), meanwhile, capped one of its best weekly finishes since going public in February at 17 a share. The Snapchat site operator gained more than 2.4% on Friday to 22.55, posting its highest close in more than three weeks and rising more than 7% for the week.

Snap is expected to grow revenue 307% to $158.1 million in the recently ended first quarter, but Wall Street expects the Venice, Calif., firm to also post a net loss of 19 cents a share.

Despite the solid rebound, Snap still has plenty of base-building work to do. At 22.55, the large-cap play is still 23% off its all-time peak of 29.44. With a float of 364 million shares, it takes quite a bit of institutional dollars to get the stock moving up just 1 point in price.

Many of the best performing stocks have shown to come within 5% to 15% of their 52-week or all-time highs before producing a handle on a cup or double-bottom base. At this point, it's still too early to see what sort of base Snap may form.

Snap is slated to report first-quarter results on May 10 after the close. In the past four quarters, the member of IBD's Internet-Content group posted net losses of 9 cents, 10 cents, 11 cents and 15 cents a share.

Top performing industry groups for the week included plastics, consumer electric retailing, internet content, metal product distribution, construction machinery and semiconductor equipment stocks, all up 5% or more for the week.

Oilfield services firm Matrix Service (MTRX) and Gigamon (GIMO) led the drop among small-cap firms on Friday, falling 30% and 12%, respectively. Both stocks dished up sell signals earlier this year by diving below the 50-day moving average.

Gigamon, which specializes in securing data networks, reported a 45% drop in Q1 profit to 12 cents a share, the first year-over-year decline since Q3 of 2014. Revenue rose just 4% to $69.6 million, down from increases of 46%, 47% and 27% in the prior three quarters.

Nutrisystem (NTRI), an IBD 50 member, rose more than 4% to 53.40 in above-average. The rally is timely, given on Thursday shares slid sharply and briefly touched the 50-day moving average for the first time since Nutrisystem broke out of a 10-week cup base with a 37.95 buy point.

Also rising sharply within the S&P 600 was Olympic Steel (ZEUS), gapping up more than 17% to 22.61. Watch to see if the commodities and manufacturing play can retake its falling 200-day moving average. Friday's gain hoisted the stock well

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