Today we opened with a healthy gap up and continuation to the highs just half a point from the All Time High in the SP500. Later we had a pull back to yesterdayâ€™s highs and now we are a the open again on the SP500.
We still donâ€™t find a reason why higher prices should follow in the future.
We can find similar state in the Nasdaq however we found to have a bit more volatility there.
The VXX is trading at the lows and we are not seeing big changes today.
Stocks Mixed on Economic Data! U.S. equities tipped over and fell back down to session lows after the sourced “ECB steady” story circulated and boosted the euro to highs. U.S. leading indicators rose 0.7% in September to 97.1, from a revised 96.4 in August (was 96.6). This is the highest since April 2008. The data are a little better than expected. U.S. MBA mortgage market index sank 7.0% in data released earlier, alongside a 5.2% drop in the purchase index and a 7.9% dive in the refinance index for the week ended Nov-1. U.S. Challenger reported announced layoffs rose 5.4k in October to 45.7k, a 13.5% increase (data are not seasonally adjusted). But compared to last year, announced cuts are down 4.2% y/y following gains of 19.2% y/y in September and 56.5% y/y in August. Among the biggest decliners in the Dow are Nike at -1.3%, Boeing -0.5% and Home Depot -0.5%, while on the upside Microsoft +2.6% (on CEO succession short-list), Chevron +1.6% and UnitedHealth +1.1% are outperforming.