I am pleasantly surprised by today's market strength. I thought the market would likely pause a bit more, and possibly sell off a bit further as this is an options expiration week. But the market has rallied all day, and is gaining strength into the close.
Volume looks like it should come in a little higher than yesterday, which would qualify as an accumulation day. Housing stocks are doing well today, despite the negative housing data that came out. Brokerage stocks are also doing great. Energy stocks are lagging a bit, as oil is down again today ($56.35).
The yield on the 10-year has fallen to 4.46%, and the combination of lower yields and lower energy prices is proving to be a mouth-watering combo for the equity markets. The SPX and COMP are thisclose to making new yearly highs. I expect them to reach new highs imminently, which should serve as a nice backdrop for stocks to continue higher.
I'll be on the SBUX conf. call after the close. Have a great night--