In economic news, the latest ISM Manufacturing index came in above expectations at 54.8, which is higher than the 53.4 reading last month.
In earnings news, I am seeing more stocks going up after reporting than falling. Here are some examples:
Stocks rising on earnings reports:
- ADM, APC, MPC, CCJ, ECL, IPGP, HCP, FWLT, MAS
- BP, CMI, DPZ, AVP, VPHM
The dollar is slightly higher, and commodities are mixed. Oil prices are above the $106 level, while gold prices are a tad weaker near $1663.
The 10-year yield is getting a boost today to 1.95%; and the VIX is down -4.6% to 16.35.
Trading comment: The market continues to act well technically. We'll have to see if today's early rally lasts into the close and if is accompanied by any volume to speak of. The S&P mid-cap 400 index is very near breaking to new highs again. I had expected the market to remain in a trading range for a bit longer, which is still possible. But remember the old saying that you have to accept the market as it is, and not how you wish it to be.
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