Stocks moved higher into the close today. I wouldn't be surprised to see some consolidation take place after the recent gains. After the close Texas Instruments (TI) reported earnings and the stock was down slightly in after hours trading.
Mark Hulbert at Marketwatch noted that market timing newsletters are no more bullish now than they were a week ago despite the markets recent gains. This is good since you don't want to much optimism to come rushing back into the market. It's better to climb the wall-of-worry.
Another positive sign today is that many growth stocks continued to perform well. Bank of America (BA), only dipped slightly after posting a wider than expected loss. It appears that (at this point), most of the bad news has been priced into financial stocks. If another unexpected announcement came out where a large financial institution all of a sudden went under, then there could be some serious consequences for financial sector stocks.
Have a nice evening!
Arthur Daret