The market is moving higher again this morning on little newsflow. At this pace, the market could hit new highs for the year by the end of this week. That would be another frustrating blow to the bears, who have done their best to highlight how bad the month of September has been historically for the market.
The dollar is lower again today, but it doesn't seem to be bothering investors. Industrials are the biggest gainers this morning (+1.8%) among the major S&P sectors, while utilities (+0.2%) and staples (+0.2%) are lagging. Financials are basically in-line (+0.8%), despite a handful of upgrades in the sector.
The lower dollar is boosting commodities again. Gold is back at $1000, and oil is trading just below $72 ahead of the OPEC meeting, where oil ministers are expected to leave production targets unchanged.
Asian markets were lower overnight; the 10-year yield is higher to 3.50%; and the VIX is -3.6% lower back down to 24.69, and moving further below its 50-day average which it broke below on Friday.
Trading comment: Before the close yesterday I added a couple of trading positions in WYNN and STAR. I should have bought STEC also, as it rarely goes down for more than a day lately. It is breaking out to new highs today, and I may look to add at least a partial position. The other two names are acting strong as well.
long STAR, WYNN