Strong Industrial Production, Benign Inflation Boost Market
The market is getting a little boost at the open. It looked like we might open down, but the core CPI came in within expectations, and industrial production posted its largest rise since November 2005.
Asian and European markets were down slightly overnight, and the Yen is up today vs. the dollar. But they do not seem to be hurting the market so far.
Oil is up a little to $58, and the 10-year yield is also up only slightly to 4.55%.
Banks are the strongest group so far (+0.57%), while utilities and materials are lower after yesterday's stong showing.
If the week ended right now, the NDX would be up slightly for the week, while the SPX would be down on the week. But Wednesday's strong high-volume reversal is still intact, and if we see some follow-thru next week it could spur some short-covering. But I don't expect the bears to go away quietly. Now back to today's action...