The Closing Look

Stocks rallied on Tuesday helping the Dow trade above 19,000 and the S&P 500 top 2,200 for the first time ever. These are “round” numbers and important psychological levels to watch going forward. Existing home sales jumped to a 9.5 year high. Steel stocks continued to surge and act very well.

Gary’s Thoughts: 19,000 dow…most often, these big numbers do not get through easily. Careful here. That said, technicals muchly improved and pullbacks are buyable into support/moving averages in the areas we have mentioned that are bullish.