The Closing Look

The Dow Jones Industrial Average and S&P 500 turned positive for the year as investors digested a slew of economic data. The biotechs continued to lag while the beaten down areas of the market continued to do well. The Transports ($IYT), Materials ($XLB), Gold ($GLD/$GDX), Silver ($SLV), Steel ($XLS), Emerging Markets ($EEM) all rallied sharply and hit fresh multi- month highs.

Gary’s Thoughts: And now industrials, conglomerates, rails and “stuff” start moving above resistance. Shorts drinking a lot of tequila!