The market is higher again in early trading, with the S&P 500 briefly touching the 1300 level for the first time in more than two years.
Earnings reports continue to roll in. Some of the stocks rallying on their earnings reports include NFLX, QCOM, POT, and TSCO. Disappointing reactions to earnings can be seen in PG, T, and MUR.
For now, earnings reports are trumping any concerns about the economic data released this morning. Jobless claims for the week came in higher than expected, and durable goods orders for December fell 2.5%, far more than expected.
Asian markets were mixed overnight, with China higher. After the markets closed, Standard & Poor's downgraded Japan's debt rating to AA-. So I would expect Asian markets to selloff when they reopen.
The dollar is flat this morning. Oil prices are a bit weaker near $86.95, and gold prices are barely in positive territory at $1336.
The 10-year yield is up a little to 3.44%; and the volatility index is still low at 16.58, after trading lower yesterday.
Trading comment: I continue to see more and more breakouts, and from many different industries. Yesterday I saw big breakouts in Halliburton (HAL), Emerson (EMR), etc. And today the list is expanding. Despite any concerns about the market being extended, the strong price action can't be ignored. I want to continue to buy the leaders and avoid the laggards.
long EMR, HAL
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