The market is moving higher again today after better-than-expected economic news and hopes of the zombies averting a government shutdown. They weren’t able to work yesterday due to the rain in DC and not snow but a dozen of the Republican zombies gathered with the President last night for dinner to discuss the nation’s debt issues.
Perhaps some good came from the dinner/ meeting as the zombies scramble for ways to ease the sequester cuts that went into effect last Friday and solutions to prevent the federal agencies from shutting down later this month.
We mentioned yesterday the indexes are at all-time and 12-year highs and the Lone Ranger that has yet to join the party remains the S&P 500. The Financial stocks are finally showing strength again and Tech is moving higher so things are looking up. Today’s gains are impressive considering Nonfarm Payrolls are due out before the open on Friday and we thought trading would be a little subdued heading into the event. However, jobless claims dropped 7,000 this morning to 340,000 while the suit-and-ties were looking for 350,000. This helped juice futures ahead of the open and the gains have stuck.
The Dow is currently up 47 points to 14,343 while the S&P 500 is higher by 3 points to 1,544 and need to clear 1,550 for confirmation a push to 1,575 is coming. The Nasdaq is up a dozen points to 3,234 and needs to hold 3,225 for a possible push to 3,250 over the near-term.
We have 2 NEW TRADES today so we have to cut things short. Subscribers, check the Members Area for the new recommendations and current updates. Use limit orders to get the best fills and we will be back in the morning with a full report.