It is another solid day for the market. Behavioral trends are getting a boost from fundamental trends, namely from this earnings season, which was slated to be a disaster. Instead, it is informing investors, especially those that missed this rally and are loath to chase.   Earnings are beating the street at a remarkable level.

Technology has obviously benefited, but now investors are using these beats to justify moving into other areas of the market, especially value names.  Hence, the strong performance today.

Eight of the eleven S&P 500 sectors are in the green, as investors rotate once again out of safe haven stocks.

Crude oil inventories continue to come down on a larger than expected draw down.  We learned today that in the past week, there was more than seven million barrels drawn down, which is more than twice the expected 3 million decline.

More Positive Signs

ISM Services for July came in at 58.1 against consensus of 55.5 and up from 57.1 in June.

Business activity surged to 67.2 from 66.0 to reach the highest level since January.  Both ISM reads on manufacturing and services underscore solid economic activity.

ISM Non-Manufacturing