It was a very quiet session yesterday, but one that found a way to grind higher.  Market breadth was very impressive as there were actually more new highs than lows on the NYSE, which continues the trend that’s been in place since late September.  Advancers on NYSE and NASDAQ far outpaced decliners as well.

Market Breadth	NYSE	NASDAQ
Advancers	2,368	2,892
Decliners	807	1,839
New Highs	76	139
New Lows	68	263
Up Volume	2.77 billion	2.80 billion
Down Volume	1.10 billion	1.37 billion

Watching to see if there is any traction with new highs versus new lows – each time the tide higher appeared to be gaining momentum, the trend has quickly reversed itself.

More Breadth Signals

The number of names in the S&P 500 changing hands above their 200-day moving average has now reached 60.

Very few specs of red underscores built-in audiences for each investing style are ready to pounce with the right impetus.

Economic Data

Durable goods came in at +1.0% beating consensus while business investments were an even bigger positive surprise.

Initial Jobless Claims

Initial jobless claims climbed to 240,000 against consensus of 225,000. This number continues to loom larger as we get ready to focus on the jobs report next week.

 Continuing claims edged higher to 1.55 million from 1.50 million.

Recession Anyone?

Meanwhile, the 10y2y inversion reached -0.76% the lowest since 1981. Still, the recession debate roars on with good points from both sides.

Portfolio Approach

There are no sector weighting changes in our Hotline Model Portfolio today.

 

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