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Another round of broad buying drove stocks to new two-year highs. Share volume was unimpressive, though. After the close, PFG and VECO are the most notable names that reported after the close.
Futures are lower after hours: S&P 500 futures are -1.09 from fair value of 1315.79 and Nasdaq100 futures -4.73 points from fair value of 2347.73.
Eight of ten sectors were in positive territory, led by financial (+1.5%), industrials (+1.0%) and utilities (+0.7%). Tomorrow before the open look for the following companies to report: ACM, AGCO, ALLT, AHII, MT, ATRO, AVP, BZH, BLC, BR, CNC, CHD, CVH, ELNK, ELN, ETR, FIS, FLO, GET, GWR, HGG, LIOX, MAC, MLM, NYX, PTRY, PIKE, PCH, SLE, SVVS, SRX, STE, TIN, TEVA, VSH, and WMG.
99.9% of the time I watch every tick of the market, but I had some crosstown meetings in the Big Apple today, so I thought missed some activity. After further review and returning to my office, my P&L hadn’t budged , so I guess I didn’t miss all that much. Note to self: when driving sixty miles into Manhattan, empty tank before you leave, as Holland Tunnel traffic is unforgiving.
I did notice what may be a non event or something else. Certain ETF’s put in intraday reversals, OIH, XLE and XLB. These are the sectors that have been on fire , so being the jaded skeptic that I am, I have to wonder if “short term” tops may have been put in on those sectors. It may be absolutely nada, but keep your eyes peeled. The financials (XLF) did well, but the volume was unimpressive.
The market is getting to an “unrealistic” point from my perch and although I want to play the “trend” until it stops, I am cautious. Please be cautious too. What does that mean? Well, if my stops or your stops don’t feel “tight” enough, then make them tighter. Don’t forget the “rule”, we are in earnings season, so trade lighter anyway.
