The stock indices are up, successfully holding the morning gains -- at least after giving them up in terms of SP500 early session. They have since recovered in a nice midmorning to last hour rally. The gains are decent on the large cap indices to very good on the small caps index.
SP500 5.04, 0.23%
NASDAQ 18.21, 0.34%
DJ30 14.37, 0.07%
SP400 0.83%
RUTX 1.01%
SOX 1.30%
Factory Orders Oct: 2.7% versus 2.5% expected vs 0.6 prior (from 0.3%)
Interesting that ahead of all the turmoil of the November election that Factory Orders surged the most in 1.33 years. Well, perhaps all were convinced H. Clinton would win and placed bets on a growing economy? Dubious.
Indeed, durables orders contained in the report were lower year/year for the 22nd straight month.
Some interesting moves in this purportedly climax move on the S&P according to Jeff Saut. TSEM and AMD in the chips, LLNW in internet, VMC in materials, and PKD just jumped upside. Looking at possible positions on those. MAN is rallying again but is working well so we are inclined to let it keep running giving it just put in a good consolidation and this is its first new break higher.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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