The market has pulled back off its highs and is trading slightly lower ahead of the Fed statements due out at 2pm. We aren’t expecting any major news from the zombies as they will likely keep the monthly printing presses of buying $85 billion in treasuries at current levels.
The other zombies are on Capital Hill for a grilling on why the government’s Affordable Care Act website has folded like a cheap lawn chair. The cost to build the site was over $400 million that the American taxpayers paid for and one would expect a smoother transition.
The ADP Employment report was a disaster as October private payrolls came in at 130,000 versus a forecast for 145,000 jobs to be added. There was a downward revision to the September numbers from 166,000 to 145,000 that affected the latest figures.
Despite the sideshows and weak economic data, the bulls have once again triggered all-time highs with the blue-chips finally joining in. We talked about the importance of the Dow making a new high this week as it would confirm one of the Dow Theories of a continued uptrend. The Dow Transports continue to set fresh highs and the blue-chips needed to follow suit to keep the momentum going.
There are a few other Dow Theories we will talk about this weekend but for now let’s enjoy the bullish signal.
As we head to press, the Dow is down 17 points to 16,662 while the S&P 500 is off 4 points to 1,767. The Nasdaq is declining 13 points to 3,938.
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