Stocks are up across the market with small caps, midcaps and now the Dow in the lead. NASDAQ, SOX gapped to doji while the other indices are rallying and are at session highs.
SP500 8.40, 0.33%
NASDAQ 15.69, 0.24%
DJ30 145.65, 0.65%
SP400 0.78%
RUTX 0.98%
SOX 0.53%
Impressive moves continue, no doubt in part because of a new quarter and new month, and with a rally in place, new money comes in to buy.
ISM, Sept: 60.8 versus 57.8 versus 58.8 prior. Highest level since 2004
Construction, August: 0.5 vs 0.2 vs -1.2 (versus -0.6 prior). That revision is very strong -- the wrong way and revisions hold more weight than the current month reading.
So, nice gains, new highs to start the new month and quarter. But is it a new month and quarter after good gains. Looks like an all-clear but there are no all-clears with the algos in charge. So, we still buy good patterns, e.g. BZUN that was just issues, but recognize the possibilities.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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