Market Recap for Wednesday, October 18, 2017
The Dow Jones sliced through 23000 like a hot knife through butter. Many times, these round numbers represent a psychological challenge for traders, but that was not an issue for this bull market. Instead, the Dow Jones soared 160 points to yet another all-time closing high. The S&P 500 and NASDAQ followed suit, posting fresh new highs of their own. Leadership returned to financials (XLF, +0.53%) and technology (XLK, +0.25%) as the 10 year treasury yield ($TNX) turned higher and broke its recent downtrend. Stock traders are excited about the prospects of another breakout in the TNX as that would signal additional selling in the bond market, aiding higher equity prices. We need to see the TNX clear the 2.40%-2.42% area.
Continue reading "U.S. Equities Power Forward Amid Very Overbought Conditions" »