The resolve of this market against a tsunami of negative noise and expectations is the epitome of climbing a wall of worry. Nevertheless, the S&P 500 closed at the session high yesterday, led by Industrials (XLI), Energy (XLE), and Real Estate (XLRE).

Heat Map

What was really impressive about yesterday’s perseverance was the fact that the market climbed off the canvas without mega-cap leadership.

Gold Shines

Gold closed at a new all-time high and could be on the cusp of one of those patented rallies that could lift it much higher. I tried to position folks via Barrick Gold Corp (GOLD), and I think the stock will rise. It’s clear, if you want long-term exposure, nothing is better than owning the physical stuff.

Economic Calendar

Today, we get the latest read from small businesses ahead of an avalanche of economic data tomorrow morning.

Portfolio Approach

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

Today’s Session

The NFIB Small Business Optimism survey is out, and once again, it is under 50, which is a sign of trouble.  The report is filled with useful insights.  Two that stand out: Planning to hire and availability of credit.

Access to loans saw the second fastest decline in the history of the report.

Another session that will start sluggishly – let’s see if buyers emerge.