Back-To-Back Accumulation Days

When was the last time we saw back to back accumulation days? Well, actually it was mid-July. But it feels like longer. Nonetheless, the action today was pretty solid, with the market shaking off early weakness and closing in positive territory.

The homebuilders led (+3.2%), which is good to see because we don't want a total collapse there. Retail stocks were the next strongest group (+2.2%), followed by semis (+1.5%) and brokers (+1.4%). So that is a nice mix of sector strength and shows some broadening participation. It's also nice to see a day where the market was not led by energy.

The COMP had a positive outside day. Last Thursday it had a negative outside day, but there was no follow-thru to the move. So we'll have to see if this bullish sign has any legs to it. Regardless, I think the Nazz has a date with its overhead 50-day in the near future.

The 10-year yield finished even lower today, closing at 4.95%. Guess the bond market isn't too worried about inflation. I am still in the camp that says the Fed pauses next week.

A lot will depend on tomorrow's payroll report, or so we are told. The consensus is for about +145k jobs, but I think I am taking the under.
'