The Closing Look

The S&P 500 broke out of its very long trading range and hit a fresh record high on Monday. Overnight, Japan’s ruling party won their election by a large margin and announced more stimulus. That sparked a huge rally in Japan’s stock market (up almost 4%) and that lead to more gains across the globe. Current U.K. Prime Minister David Cameron said that he will stand down from his position on Wednesday. Interior minister Theresa May will replace him and she will be the first woman to hold that post since Margaret Thatcher.

Gary’s Thoughts: Just about broke out. Japan had Mr Bubble visit and akll of a sudden, Japan announces MORE stimulus. 20 years of failure isnt enough…but juices are flowing again. S&P just about there. One more day would confirm. Foreign markets are even perking up.