The dollar is lower on the news, while most commodities are mixed. Oil prices are higher near $89.60, while gold prices are down again, falling back to $1782 currently.
Economic news was mixed this morning, with the CPI coming in higher than expected, and a slight improvement in the Philly Fed Survey to -17.5 from -30.7 last month.
Financials and industrials are leading the early action, while defensive issues like healthcare and consumer staples are lagging.
The 10-year yield is getting a nice boost, trading at 2.07%. And the VIX is down another 4% currently to 33.18.
Trading comment: Yesterday's rally felt like mostly short-covering, as it was led by low quality stocks and overall volume was below average. But that is how a lot of rallies start. I think performance anxiety is playing a factor, with most managers underweight and underperforming as quarter-end approaches. Not to mention this week's options expiration, which often leads to pronounced moves. If the SPX can get back above 1220, we could be back in rally mode.
long SH
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