If you can't confirm a top, than a re-test of the March/April highs are feasible: The all-time highs are 14,887.51 Dow industrials and 1597.35 S&P 500 set on April 11 with a multi-year high at 3306.95 on the Nasdaq. The all-time highs are 954.00 on Russell 2000 set on March 15, and 6291.65 on Dow transports on March 19.

Utilities remain in the leadership role:

The Dow Utility Average set a series of multi-year highs this week including $533.73 on Thursday. This is not surprising and is another warning flag as utilities tend to trade higher when the five major averages are topping out. There are 63 strong buy rated stocks and 130 buy rated stock in this sector of 215 names, thus 89.8% of all utility stocks have buy ratings.

Here's how four of my focus stocks traded after reporting their quarterly results:

Procter & Gamble ( PG) ($76.58) beat EPS estimates by three cents earning 99 cents, but the buy rated company lowered forward guidance. After setting a multi-year high at $82.54 on April 23 the stock was taken to the woodshed to a low of $76.35 as this bubble stock pops. My annual value level is $75.13 with my annual pivot at $78.73 and monthly pivot at $79.68.

3M Company ( MMM) ($104.88) missed EPS estimates by four cents earning $1.61 per share. This buy rated stock fell from $107.39 at Wednesday's close to $103.50 on Thursday. My monthly value level is $102.90 with a weekly pivot at $108.35 and semiannual risky level at $111.34.

Starbucks ( SBUX) ($60.50) matched EPS estimates after the close Thursday earning 46 cents a share. The stock has been trying to re-capture its April 2012 high at $62.00. Given a miss on the revenue line Starbucks declined to around $58.75 in after hours trading. My semiannual value level is $49.88 with a monthly pivot at $60.63 and quarterly risky level at $63.10. My monthly pivot was tested to the upside before the close on Thursday.

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