Gold stocks were also strong Friday.

Market Vectors Gold Miners (NYSEArca: GDX) is “extending its rally from the bottom of a nine month range and the relative chart versus the S&P 500 is doing likewise,” Coe wrote.

“Conditions are not overbought and as such the bounce should continue in the weeks ahead, likely up to the top of the range at $64, some 10% from current levels,” he added.

Full disclosure: Tom Lydon’s clients own GDX.