All-time highs in US stocks are like the sunrise these days: Guaranteed every day.
A sluggish start today slowly reversed as trader bought the dip in a time-tested strategy that delivered once again. The S&P 500 is up 37 points now, or 0.7% to 5468. The Nasdaq Composite is up 0.9% and also at a record.
A smattering of companies lead the way with Apple, Tesla and Broadcom doing the heavy lifting. Nvidia is sitting this one out as it trades flat today. However old friend SMCI is back again and leading the S&P 500 with a 7.3% gain.
It’s truly impressive to see such strength given that cyclicals are flashing warning signs.
The S&P 500 is now just 30 points away from 5500. Tomorrow we get US retail sales and I’ll be curious to see how the market reacts as I’m not confident we’re still in a bad-news-is-good-news market, or at least not as clearly as we’ve been for most of the past 18 months.
This article was written by Adam Button at www.forexlive.com.
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