{+++} Equities finished the day on a mixed note. The Dow climbed 0.3% and registered its highest close of the year while the S&P 500 added 0.2%, and Nasdaq shed 0.2%. The day got off to a slow start as the major averages spent the entire morning near their respective unchanged levels. However, key indices were able to climb to their highs in afternoon trade as financials paced the advance.
While financials led throughout the day, defensively-oriented telecommunication stocks spent the day in an upward climb and ended as the second best performing sector.
To me, it doesn’t feel like there are any real buyers at these levels, so it will take a high volume thrust to convince me we are going higher. This was the level I thought we would get a pullback, so I am nervously long..
Maybe this time is different and we keep trudging higher. The sideways action we are seeing may in fact be a consolidation that takes the place of a pullback, but that isn’t necessarily how the market works.
Nothing tonight. See you tomorrow.