Closing At New Highs
The market closed right at session highs. Volume levels grew on both exchanges, making for a solid accumulation day.
Big tech led the way (+2.5%), followed by small-caps (+2.1%). Financials, biotechs, and retail were all strong with 2%+ gains across the board. Tomorrow we get same-store sales results for September, so it will be interesting to see if there is profit taking.
Bond yields were lower on the day, with the 10-year finishing at 4.56%. The yield curve is the most inverted since 2001, and is now signaling approximately 35% chance of a recession (according to Fed reports).
Growth stocks appear to be moving to the forefront, and this rally looks like it has legs. Yes, I am still sitting on more cash that I would like, and will be looking for any near-term opportunity to put more to work.
Takeaway: don't raise too much cash in a market that is making new highs