The domestic equity markets are in a holding pattern after returning to record highs yesterday, with a plethora of disappointing global data subduing sentiment. US industrial production fell more than expected and regional manufacturing activity unexpectedly contracted, while the eurozone economy posted its sixth-straight quarterly contraction. Gold and crude oil prices are seeing some pressure, while the US dollar is moving higher. Treasuries are higher amid the disappointing data, along with another tame reading on wholesale inflation and a decline in mortgage applications, which are more than offsetting a stronger-than-forecasted read on homebuilder sentiment. In equity news, Deere & Co topped the Street's quarterly expectations, but offered a cautious outlook, while Macy's Inc bested analysts' profit forecasts, while boosting its dividend and share repurchases. Overseas, Asian stocks finished mostly to the upside, led by the continued rally for Japanese stocks, while most of the European equity markets are shrugging off recessionary data out of the eurozone.
good morning, I just feel its way too overdone here. there is nothing left as resistance and at this pace of travel we cud hit 1700 on the s&p by this weekend LOL. When these hedge fund guys and fund mgrs. come and say things to drive the mkts I get skeptical. Maybe they are right with the global central bankers flooding the mkts with cash we could go higher but there shud be some kind of fundamentals to justify the prices/PE. I will be looking at the SQQQ myself by the end of the day today. Thanks for the response and have a nice day.