US Stocks to Record Highs, Rate Hikes, NKorea, Irma Fears Fade

US Stocks to Record Highs, Rate Hikes, NKorea, Irma Fears Fade

US Stocks to Record Highs, Rate Hikes, NKorea, Irma Fears Fade

$DIA, $SPY, $QQQ, $VXX

The Trump Rally extends, as President Trump’s approval ratings soar.

Monday, the S&P 500 rose 1%+ to a record high close, as Fed rate hike fear abated, Irma caused less damage than expected in Florida, and NKorea decided not to test President Trump’s resolve.

All 11 major S&P 500 sectors rose, led by financials, with insurers advancing as Irma, once ranked as 1 of the most powerful hurricane recorded in the Atlantic, blew by .

Geopolitical tensions eased after NKorea did not mark its “Founding Day” Saturday with another launch of a long-range missile.

It is risk on again, as people go back into the stock market

  • The DJIA rose 1.19% at 22,057.37
  • The S&P 500 gained 1.08% at 2,488.11
  • The NAS Comp added 1.13 at 6,432.26
  • The CBOE volatility (VIX) index, a widely-followed measure of market fear, fell 1.36 points to 10.76.
  • NAS Comp +19.5% YTD
  • S&P 500 +11.1% YTD
  • DJIA +11.6% YTD
  • Russell 2000 +4.3% YTD

With investors less worried about Irma’s impact, insurers Universal Insurance Holdings and HCI Group surged more than 12%, while Heritage Insurance spiked 21%.

“Valuations don’t bother me terribly, I do not think we’re at a level where valuations themselves are going to cause a correction,” said one Wall Street money manager

Ferrari (NYSE:RACE) the iconic Italian Supercar maker for nearly 2% to finish at 111.48/share

Advancing issues outnumbered declining ones on the NYSE by a 3.73-to-1 ratio; on NAS, a 2.56-to-1 ratio favored advancers.

About 6-B shares changed hands in US exchanges, above the 5.8-B daily average over the last 20 trading days.

HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.41) Very Bullish (0.55) Bullish (0.40) Bullish (0.29)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.34) Bullish (0.44) Bullish (0.29) Bullish (0.29)
HeffX-LTN Analysis for QQQ: Overall Short Intermediate Long
Bullish (0.30) Neutral (0.15) Bullish (0.40) Bullish (0.36)
HeffX-LTN Analysis for RACE: Overall Short Intermediate Long
Bullish (0.38) Neutral (0.14) Bullish (0.41) Very Bullish (0.58)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.44) Neutral (-0.21) Very Bearish (-0.52) Very Bearish (-0.58)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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