July started on a positive note for U.S. stocks with Wall Street notching its fifth day of gains on Friday after a surprising jump in manufacturing data eased concerns about a tepid economic recovery.

The gains put equities on track for their best week in nearly a year, as the data and a temporary resolution to Greece's debt situation spurred increased demand for riskier assets.

The pace of growth in manufacturing picked up for the first time in four months, with an index of national factory activity rising to 55.3 in June from 53.5 in May, Institute for Supply Management (ISM) data showed.

The ISM survey built on surprisingly strong regional business data on Thursday, reversing a recent trend of weaker-than-expected data.

For the day, the Dow Jones industrial average .DJI rose 168.43 points, or 1.36 percent, to end unofficially at 12,582.77. The Standard & Poor's 500 Index .SPX added 19.03 points, or 1.44 percent, to finish unofficially at 1,339.67. The Nasdaq Composite Index .IXIC shot up 42.51 points, or 1.53 percent, to close unofficially at 2,816.03.

For the week, the Dow rose 5.4 percent, the S&P 500 gained up 5.6 percent and the Nasdaq climbed 6.2 percent. (commentary & photo courtesy of Reuters)

The RSI portfolio had a great day joining in today’s rally of the market indices. Again it was led by an almost 4% gain in the Ultra Semi fund. All holdings except for UNG (down less than –0.2R) are profitable. Today I monitored yesterday’s pick of iPath DJ-UBS Coffee TR Sub-Idx ETN (JO) and bought on the dip. I think that shall be a good entry point. Maybe with the market back on track there will be more coffee consumed. It’s a stretch.

There were no new RSI buy signals today. Have a great Independence Day weekend. The US markets will be closed Monday.