Stocks are in the green today with the NASDAQ leading the parade to all-time highs, again. Strong housing data provided the catalyst, and at least for the moment, the specter of a hawkish signal from the Fed has been shrugged off. 

On the housing front, new home sales in the U.S. increased 12.4% to 654,000 in July, soaring to the highest level since October 2007, and 31.1% higher than the prior year period. Economists were anticipating an increase of 581,000.  June was revised a little lower to 582,000.  The median sale price of $294,000 in July was 0.5% below the prior year, and due to strong sales, supply decreased to a mere 4.3 months.   

Homebuilders are trading up on the news, as well as from the earnings from Toll Brothers this morning.  The Company reported revenues that beat the street and eps was in line. This was the 4^th straight quarter of revenue gains. According to Toll’s executive chairman, Robert Toll, “The solid economy and employment picture are also benefiting our target customers.” Toll is currently trading up about 8%. The XHB and ITB (homebuilder ETFs) are up about 2%. 

After originally trading lower, oil is now up and has stabilized near $48 after Iran made comments that it may cooperate to control output. There is a long way to go on the topic of oil supply and price intervention, and it’s all in reading the tea leaves and speculation for the moment.

Gold has also reversed, and is now slightly lower.  While all eyes are on the Fed, PMI (purchasing managers’ index) news out of the Eurozone, helped take gold lower.  In August, the euro zone economy accelerated slightly to 53.3 from 53.2 in July, taking it to a 7 month high.  "The August flash PMI indicates the euro zone remains on a steady growth path in the third quarter, with no signs of the recovery being derailed by 'Brexit' uncertainty," per Chris Williamson, chief business economist at IHS Markit.  The reading may lessen the like hood of a September rate cut by the ECB. 

Market internals are strong with NYSE advancers a solid 74% on 77% up volume with 184 issues making new highs.