Markets rallied in true bull market form and the S&P 500 led the way hitting an all time high up .7%. The Nasdaq was not far behind gaining .6%. Going into Friday the S&P 500 is up 1.8%, and the Nasdaq is ahead by 1.9%. The Dow lagged as the price weighted benchmark took losses from some names that reported including IBM GS UNH. That clipped about 125 points from the Dow. AXP offset the losses somewhat by hitting an all time high after it reported, taking out a 78.73 flat base trigger, and closed above the round 80 number. The higher priced names do influence the DOW disproportionately because of the way it is calculated. Interestingly the stock indexes, bonds and gold all rallied today. A few things that did not act well today were the US Dollar and the Vix, the latter falling by 10%. It seems like many are waiting for the pullback, and when that occurs you know what happens. It does not occur. Remember the old adage that markets try to confound the most, and they are doing their job very well. Looks for now like the buy the rumor sell the news adage concerning that government shutdown has not materialized yet too. When markets should retreat and do not that usually is a sign that gains will extend. Another curious group that was a top performer today was the defensive utility group. Wrong group you want leading or broadening participation taking place? GOOG was up 6% after reporting earnings and in all time high territory, a welcome site for some of the bigger names that have failed to live up to expectations like IBM CSX YHOO.
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