The market continues to rocket higher. The S&P 500 and NASDAQ closed at the high of the session on Tuesday, while the Dow shook off early Boeing-related jitters (see tweet above) and oil profit-taking to spurt higher into the closing bell.  The fact that Boeing rallied in the face of a Trump tweet/taunt shows a tremendous amount of underlying strength in this rally.

The Russell 2000 of small-cap names finished at an all-time high, up 19% for 2016. The small-cap index has become the de facto representative for small investors and smaller businesses. These names are domestic with respect to business and growth.

Don’t look now, but maybe the restaurant recession isn’t over. Dave & Buster’s (PLAY) blew away Wall Street consensus. Same-store sales popped 5.9% and earnings came in at $0.25 a share. The Street was looking for 2.3% and $0.14 earnings per share (EPS).

After the close, Western Digital (WDC) raised earnings guidance that sent shares soaring. However, the stock was down 16% in the last three years, so there is a lot of room to the upside.

Today’s Session

The market looks to open gingerly as the street awaits news on crude inventory EIA release at 1030 and the pace of job creation and worker movement via the JOLTS report at 10:00.

Mortgage applications out were ho-hum, with slight up-tick in purchases.  This report is largely overlooked these days, but at some point, we need greater traction and maybe that happens with adjustments in Dodd-Frank.