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U.S. stocks with a stealth rally this afternoon, pushing to highs throughout the session, with over 40 new 52-week highs in the S&P 500. Including IBM which TheoTraders had a position in and closed today with a 70% profit. With today’s gains, the Nasdaq Composite traded above its prior intraday high of 5584.26, led by gains in Internet, semiconductors, and software names. Materials pushed higher (52-week high for FCX) while oil prices advanced for a fourth day. There were also five Dow components reporting today (DD the only one higher, with VZ, JNJ, TRV, MMM all lower). Once again, after a few days of weakness, U.S. stocks have found themselves pushing higher as fear dissipate (CBOE Volatility VIX index falls back to January lows near 11 – not far from all-time lows). Markets also continue to sort out impact of new Trump administration policies as it relates to trade, taxes, etc. The S&P 500 index has not posted a close of more than a 1% move since December 7th (over 30 days) as volatility remain absent.
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