Tuesday’s Closing Look

Once again, stocks rallied on Tuesday as Janet Yellen spent the day testifiying on Capitol Hill. For the first time in years, Yellen was slightly hawkish which should be expected now that all the “data” is bullish. Stocks are at record highs, the economy is growing, inflation is edging higher and the official unemployment rate is under 5%. Shares of Apple (AAPL) hit fresh record highs which helped the major indices race higher. Biotech stocks also got a nice bid as money begins to flow into that industry group.

Gary’s Thoughts: Financials breaking out again. Financials have been leading market since the elction. Need we say more? Also, watch some oils. A few setting up well. Not the whole group but a potential start.