The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Escalator.
Today was even less newsworthy than yesterday, at least as far as financial news is concerned. Overseas markets were calm and S&P 500 futures implied 5-ish points of upside as we approached the open. Economic data was uninteresting. The usual equity players lifted stocks slowly over the session, and with a couple of brief dips excepted, the ticks were consistently positive. Capital flow was light at 93% and the yield curve was almost unch’d across all tenors.
This was the most quiet session I’ve seen in a long time. Maybe CPI (2.4% est vs 2.3% prior) data tomorrow shakes things up but I wouldn’t count on it.
The market is in a mindset that we are going to make new highs. We’re going there calmly and slowly. 6147 is the level. When do we get there? I’m guessing this week.
See you tomorrow.
-Mike
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