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Dow Transports10744.31.8
Dow Utilities734.931.18
S&P 5002809.862.15
Nasdaq7645.492.89
Nasdaq 1007276.432.94
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Dollar Index95.05-0.01
Euro Spot1.16-0.01
Japanese 10 Year0.14-3.36
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Long Bond 20-year138.530.18

Ramp-O-Rama

10-16-2018

The bulls threw themselves a little party, as all the indices gained better than a percent through midday for no particular reason that I could see, other than that stocks had stopped going down and appeared to stabilize.

Higher We Win, Lower You Lose In the afternoon, the rampage higher continued with the indices gaining about 2% as of an hour to go, when I had to leave.

Away from stocks, green paper was both stronger and weaker, but closed flattish. Fixed income was a touch higher, oil was a nonevent despite all the chatter about Saudi Arabia, and the metals were higher early on but lost a tiny bit of ground.

Setting the Stage With the market having taken a decent pounding recently, muscle memory causes folks to chase stocks the minute they seem ready to stop declining. That is pretty much par for the course, but I am quite curious to see how they respond to potentially weak guidance once third quarter numbers are reported.