The market has been gliding higher and higher. Both the Dow and SPX made new all-time highs again today! But, hey, who is tracking any more? Investors have come to expect to buy on any pullback, it seems. SPX went above 2046 in the morning, and the Dow broke 17,700! Nasdaq also kept going higher, but, still a little distance away from its all-time high set back in 2000.
The retail sector has really been helping the overall market. FOSL made a big pop yesterday after reporting its earnings. Today, WMT jumped +4.72% on beating its earnings expectations. Tagging along these past couple of days was LULU, which saw a breakout yesterday and hit above $46 this morning. RL has been really strong, and it looks like it will go higher.
XRT, the ETF for the retail sector set a new all-time high this morning.
The Dow was up +40.59 points; SPX added +1.08 point; Nasdaq gained +5.01 points (Click here to see a related article from Happy Trades):
XME (metals and mining) was down 1.73%. USO (oil) fell another 2.92%. UNG (natural gas) lost 4.36%. TAN (solar) dropped 1.75%. However, the overall market was up!
Things were actually slightly in the red. But, in the last 30 minutes before the market closed, news came out that HAL is working on a deal to buy BHI! The whole energy sector jumped on the news, although some backed off a bit after the initial knee-jerk reaction. The energy sector has been extremely weak. Now, we may see some buyers come in tomorrow! So, we will be monitoring the energy stocks.
Good night and HappyTrading! ™