SOX leads again with a new 2016 high while NASDAQ posts a new high as techs lead higher. Not a ton of excitement, just the same trend if that trend is SOX leading, NASDAQ doing okay while DJ30, SP500, RUTX, SP400 look good but have yet to make a break higher. Oh, and of course, DJ30 remains below 20K.
We picked up some C early on and it has not done much since. Picked up some RIG just moments ago. Good break higher, tested in the afternoon then started back up in the past 10 or so minutes.
Most areas are not bad, holding onto gains. SOX is running thanks to NVDA and other chips working, e.g. AMD, XLNX. Some FAANG are okay: they are up though only NFLX looks strong.
Consumer Confidence surged to the highest since 8/2001 (113.7) and the Richmond Fed held to grow with an 8 reading, down from the 10.2 in November but beating expectations. It would appear that confidence remains rather ebullient.
That said, 20K
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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