It almost seems like the September downturn didn’t happen.  The major indices keep moving higher.  At the current pace, Nasdaq is up 3% for the week, with the S&P 500 closely behind, and the Dow around 2.7%. Investors continue to be optimistic that there will be some form of a stimulus package soon. The latest from NEC Director, Larry Kudlow, is President Trump has agreed to a revised stimulus package of $1.8 trillion and that Treasury Secretary Mnuchin will speak with House Speaker Pelosi this afternoon.

Risk on is back with Technology and Consumer Discretionary leading the way higher, and all but one S&P 500 sectors are in the green.

Energy is the laggard today after yesterday’s big rise.  Hurricane Delta in the Gulf Coast has caused 183 offshore platforms to be vacated and stop production of 1.67 million barrels per day, levels not seen since Katrina in 2005.  That coupled with outages in Europe’s North Sea, and labor disputes between Lederne, Norwegian Oil Company, and the Norwegian Oil and Gas Association is adding pressure to the commodity.  WTI is currently up over 11% for the week, despite being down on the day to $40.79.

Breadth is positive and advancers lead decliners by at least 2-1.  The number of stocks hitting new 52-week highs is crushing the lows.