Yes, all twenty of us don't feel too hardy.
We know, it sounds like a broken record, but the weak US dollar continues to help fuel sporty advances for US stocks. And with nothing to bolster the buck in the foreseeable future, expect this dynamic to remain, with some short-term reversals.
While gold also ran higher again on USD’s debility, and oil futures enjoyed an early pop, it was interesting to see a lack of conviction toward the black gold; it ended the session with just a paltry gain.
Good rally for US stocks, though volume remains unimpressive and they finish below session highs, which came shortly after October existing home sales printed a 10% gain.
And while the supply of existing homes appears to be culled considerably, the Mortgage Bankers Association noted last week that the number of seriously delinquent mortgage loans rivals the number of new and existing homes currently for sale. Doesn’t bode well for a bottom in prices.
Revised 3Q GDP, Case-Shiller Sept home-price index, consumer confidence a few items on tomorrow’s calendar.
DJIA rises 132.79 to 10450.95, and Nasdaq Comp climbs 29.97 to 2176.01. S&P 500 ends 14.86 higher at 1106.24.
