The Closing Look
Stocks rallied on Thursday one day after the Bank of Japan and the U.S. Federal Reserve fired their latest easy money bazooka’s. Economic data was mixed. Weekly jobless claims came in at 252k, beating the Street’s estimate for 261k. The Chicago Fed National Activity Index fell to -0.55, missing estimates for 0.15. The FHFA House Price index rose by 0.5%, beating estimates for 0.4%. Existing Home Sales fell 0.9% and came in at 5.33M, missing estimates for 5.38M. Leading indicators also missed estimates and fell -0.2%, missing estimates for +0.1%. Finally, the Kansas City Fed Index came in at 6, which beat the last reading -0.4.
Gary’s Thoughts: Good day…but feeling overbought…and in the midst of resistance. NASDAQ new highs is good news. We head into end of month window dressing.
Yup,
Yoda agrees.
Maybe a little pull back here, butt overall, I am long…. I doubt if my leaders will even fall to the 50 day.
The dollar will call it, and the dollar is in a range below the 50 day ……
Dollar up market down.
Dollar down, market up.
I really doubt the big banks will allow the dollar to have any major effect on the market running into the last stages of a presidential race…
Me:
Sitting here, eating a banana, looking forward to a nice bull run into elections.