The market is slightly higher in early trading. Jobless claims came in below expectations (457k vs. 464k consensus), and that helped boost sentiment at the open.
Asian markets were mixed overnight, but Europe is higher this morning after some positive eurozone economic reports and a dip in German unemployment. That is helping boost the euro to a 2-month high, while the dollar is lower.
Commodities are higher, with oil prices up to $78 but gold prices only fractionally higher at $1160.
On the earnings front, some tech names like Akamai (AKAM) and NVDA are lower after reporting earnings, while stocks such as Altisource Portfolio Solutions (ASPS) and Green Mountain Coffee (GMCR) are nicely higher. I thought Visa (V) reported a solid quarter, but its stock is lower this morning.
Energy is the leading sector (+0.78%) so far, followed by financials (+0.75%); consumer staples (-0.55%) and utilities (-0.16%) are lagging.
The 10-year yield is higher to 3.01%; and the volatility index (VIX) is lower to 23.89.
Trading comment: The market continues to hold up well. Yesterday's selloff was relatively contained, and so far today we are not seeing any follow-thru selling. I showed the other day that the S&P had run into overhead resistance at its 200-day average. Moreover, I said that a bullish outcome would be for the market to pull back and consolidate its recent gains, and then make another stab at breaking out above that 200-day average. As long as the market continues to mull around near these levels, that scenario is still in play.
long ASPS, GMCR, V
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