2 Hours To Go

With 2 hours to go in this week's trading, the indexes are near their highs for the session. If the markets were to close at these levels, the S&P 500 would be up +1.9% for the week, while the Nasdaq 100 would be up a whopping +3.9%.

Oil briefly dipped below $126, but has since rallied back to $128. The 10-year yield is lower today, trading near 4.03%.

Put/call ratios are around average levels, with the CBOE put/call at 0.87 and the ISEE is at 135. The VIX, after spiking higher on Monday, has been down 3 straight days and is now at 17.66.

Overally, the action in the market this week has been constructive. Rallies have come on higher volume for the most part, and growth stocks have led even without leadership from energy and commodity stocks. Financials continue to languish, but have not broken back down to new lows.

Monday starts a new month, and we could see fund inflows support the market early next week also. I continue to look for any pullbacks to put some of the cash to work that I had raised a couple of weeks ago.