The market is surging in part to panic, or as the younger generation says, ‘fear of missing out’ or FOMO.  Of course, it’s one thing to not be as hip as everyone else and another for a professional to miss this rally.  The Dow is up 150 points taking it over the 23000 mark (23144).  The NASDAQ and S&P are also in the green, 6621 and 2563, respectively.  Advancers led decliners 1485/1362 on the NYSE and 1672/1094 on the NASDAQ.

The only negative was the headline from housing starts and permits.  Even there, I see positives, and it’s not just adjusting for the impact of those hurricanes.  Single family home starts and permits are higher from a year ago- I think this is critical for the longer term health of the economy.