On Track for Five Straight Up Days

The stock market is up again in early trading this morning. This could be our fifth-straight rally this September, but that includes a microscopic gain on Friday. The Dow crossed back over 15,000. More importantly, the S&P 500 is inching closer towards its 50-DMA which is currently 1,666.50.

The market appears to like the very strong GDP numbers from Japan. A report on Chinese exports was also better than expected. Cyclicals are doing well again today. Energy, Industrials and Materials are leading the rally. Finance, Utilities and Healthcare are in the rear, but still up for the day.

Once again, the issue of Syria is weighing on the market. I don’t think any action in Syria would impact the markets or economy very much, but without other news, it will take on outsized influence. The Senate will vote on a resolution later this week. On our Buy List, shares of CR Bard ($BCR) have been as high as $118.47 today which is a new 52-week high. Ford Motor ($F) is also doing well.

The Fed, of course, meets again next Tuesday and Wednesday. The current consensus on the Street is that they’ll taper their bond purchases by $10 billion per month.

Posted by on September 9th, 2013 at 11:31 am


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