U.S. equities had support from good economic data, (initial claims and housing tarts,) the announcement that the Bank of Japan will embark on QE infinity, and that the GOP is considering a proposal to raise the debt ceiling. All in all we did not close at the highs of the day, but the bulls can claim victory.
New highs were made in the trannies, mid cap sector, S&P 500, and the small cap sector.
The markets were led higher by consumer cyclicals, capital goods, conglomerates, and healthcare.
All the bears can cling too is the low volume…which is troublesome, but not until panic occurs. For now we can grind higher.
A word of advice: HEDGE YOURSELF AS WE ARE APPROACHING UNSTABLE FROTH TERRITORY. IT MAY LAST IN A BACK AND FORTH MOTION FOR A FEW MONTHS, BUT IT WILL END ! Tomorrow’s documentary will show clearly why we are in some serious trouble.
DOW up 88
NASDAQ up 18
S&P up 8.6
Gold up $3.6
WTI up $1.05
