Jobless Claims (388K vs 375K expected & prior revised higher 389K) allowed for a beat with (ahem) revisions. Pending Home Sales (4.1% vs 1% expected & prior at -.5%) is what bulls seized on shrugging off poor employment data. Bulls see claims data as just more of the same. But people are also losing their benefits with 700K expected to be out of luck by next month.
Earnings continue to come in beating expectations which is typical frankly. With housing data stronger the charge higher was led by Homebuilders (ITB) and REITs (IYR) was still trending higher with hotels doing better. Tech (XLK) continued to build on Wednesday's gains. Consumer discretionary (XLY), retail (XRT), financials (XLF) and energy (XLE) also trended higher.
Ongoing weakness in Europe (Eurozone confidence 92.8 vs 94.2) pointed to contraction. This was met by selling in Dow Chemical (DOW) which in turn held back materials (XLB). Parcel deliveries were also negatively affected as UPS cited a slowdown in Europe as affecting revenues. But, frankly as soon as markets in Europe closed U.S. stocks began their rally higher.Bonds (IEF & TLT) were better in price while the dollar (UUP) was weaker. Commodity prices (DBC), gold (GLD), oil (USO) and copper (JJC) were also stronger. Volume was unimpressive once again as we enter end of month window dressing while breadth per the WSJ was positive once again. Join the banter with us on twitter & facebook. SPY - The SPDR® S&P 500® ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
See more details IWM - The iShares Russell 2000 Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the small capitalization sector of the U.S. equity market as represented by the Russell 2000 Index. The index represents the approximately 2,000 smallest companies in the Russell 3000 Index.
See more details QQQ - PowerShares Capital Management LLC is passionate about our goal of delivering the highest quality investment management available through one of the more benefit-rich investment vehicles ever created, the exchange-traded fund. PowerShares QQQ¿, formerly known as "QQQ" or the "NASDAQ- 100 Index Tracking Stock®", is an exchange-traded fund based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consists of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
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