Afternoon Note
More record highs are being set today. There goes 19,000 on the Dow and the S&P 500 hit a new high before pulling back. A close above 19,000 would be big psychologically. The Russell 2000 continues its climb for a remarkable 13th day in a row. The healthcare sector weighs today, down about 2%.
New highs are compelling. There are 215 stocks making new highs on the NYSE and 310 on the NASDAQ. Of the approximately 5900 companies (2800 NYSE, 3100 NASDAQ), there are 525 making new highs today. That is about 9% of the market making new highs! It is always a good idea to be cautious about market action around the holidays because thin trading can make for crazy moves, but this is still noteworthy. Overall volume is not bad today at 1.4 billion shares.
On the economic front, October existing home sales were up 2% to 5.60 million, the highest level since 2007. The lack of inventory continues as October declined .5% to 2.02 million home, or a 4.3 month supply, and is down 4.3% from the prior year period.
This is impacting prices, which continue to rise. The median home price is up 6% to $232,200. These results are from before interest rates took off and may impact first time home buyers, which decreased to 33% of the total from 34% in September.
Comments |
Do you think the Wolfcamp oil and gas find should be assessed before Mr. Trump removes restrictions on the Keystone pipeline? How will each of these developments affect the market most beneficially? Chris Schey on 11/22/2016 8:45:18 PM |
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