It was a quiet but positive day for the market once again. We started off with a classic Monday morning "gap and fade" open, but the buyers stepped up and kept bids under the market the rest of the day.
The action under the surface was actually better than indicated by the senior indices. Breadth was over 2 to 1 positive, and all major sectors were in positive territory at the end of the day. We had a little early weakness in financials and retail early, but buyers snapped up the laggards as the day progressed.
The big-cap technology names with the exception of AMZN performed well, and that helped the Nasdaq to outperform. The dollar weakened slightly, and that helped boost oil, gold and commodities. The XON acquisition didn't hurt matters either.
If there was a negative today, it was probably the lack of any worry or concern. Market players seem to be feeling quite confident that the market will hold up through the end of the year, and there are few indications that they are locking in profits and taking the rest of the month off. Maybe that will occur closer to the holidays, but for now, market players are quite content to hold positions.
It's a holiday atmosphere, and we might as well enjoy it while we can. I'm sure the ride will get a little bumpier before we end the year, but for now it's all good.....
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