Earnings reports are starting to come out. On the plus side this morning in reaction to their earnings are GS, which is up 5%, and APH which saw a huge gap higher at the open. On the downside are a couple banks such as STT and PNC.
In economic news, the Housing Market Index improved to 25 from 21 last month, which was a bigger jump than economists were looking for. This release helped boost the market when it hit the wires.
The lower dollar is helping most commodities. Oil prices are higher near $100.99. Most metals are higher too. Gold was lower earlier by just a little, but silver and copper prices are both higher today.
The 10-year yield does not seem to reflect any pending economic improvement as it still lingers near 1.86%.
As for the VIX, unlike yesterday when it wouldn't budge despite higher open today it is down by 2.5% in early trading to 21.65.
Trading Comment: The SPX is trying to stay above the 1300 level where it was turned away yesterday. Also, the 50-day average is quickly moving up and should soon break back above the 200-day average. This is know among technicians as a "golden cross" and would be another bullish sign for the market.
KAM Advisors had no positions in stocks mentioned
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