The positive news out of Gilead (GILD) gave a huge positive boost to the market, and there has been no turning back. 

I have talked and written about major breakouts happening this week and a shift in the overall market bias to the upside.  Well, it is happening.  We broke through initial resistance and now the Dow has had a major breakout with the S&P and Nasdaq close.

Energy is the best performing sector today as WTI June contract is up 32% to $16.26 per barrel, followed by Communication Services, thanks in large part to Alphabet/ Google (GOOGL/GOOG).

Pending home sales in March, signed contracts to buy existing homes, fell 20.8% from February and were 16.3% lower annually. The average 30-year fixed mortgage fell to a new record low of 3.43% last week. according to the Mortgage Bankers Association. Total home sales for 2020 are anticipated to decrease by 14%, but housing shortage remain, especially on the lower end and national median prices are expected to increase by 1.3% overall in 220.

The homebuilders sector is performing well today, with the SPDR S&P Homebuilders fund XHB up 4.9% and the U.S. Home Construction fund ITB up 5.2%.

The lone sector in the red is Consumer Staples.

U.S. Treasuries are down with the benchmark 10-year yield at 0.60%.  The FOMC will release its statement at 2 ET, followed by a press conference.  After the bell, we will hear from big names such as Facebook (FB), Microsoft (MSFT), Tesla (TSLA), and Qualcomm (QCOM) (could give us insight into Apple), which could be market movers for tomorrow.

While we love the action and want to see how this market trades into the close.