Good morning. Happy Wednesday.
The market keeps going and going. No matter what happens, no matter what news is released, the market goes up and up and up. It doesn’t matter if companies hit or miss earnings. It doesn’t matter if economic news is less than expected. It probably won’t matter what the employment numbers are this Friday. The market is in idiot mode, and I don’t know why.
And unlike some previous rallies where it didn’t make mathematical sense for the indexes to keep moving up because …certain groups were not confirming, today’s rally is being supported by across-the-board gains in virtually every group.
Banks have done very well lately (but still haven’t taken out their May high)…
Copper, which is often good gauge of economic activity, is doing great…
Despite the unemployment rate being close to 10%, retail is doing well…
Semiconductors, which are used in even low tech items, keep chugging along…
And the small caps continue to make new highs…
The trend is up, so my bias of course remains to the upside. But the market isn’t going to go up forever. Don’t get lazy.
headlines at Yahoo Finance
stocks to watch from MarketWatch
today’s upgrades/downgrades
yesterday’s leaders & laggards
this week’s earnings & economic releases