Stocks Probing for New All-Time Highs

October 12, 2017 3:05PM CDT

The Dow and Nasdaq both printed new all-time highs in the early going of Thursday's session. The mini S&P touched Wednesday's all-time high, but was unable to print a higher price. All three indices are a bit lower heading into the close, but I don’t know that bears will be too encouraged by the slightly red net change readings we’re seeing. Data hasn’t been all that great as of late (Highlighted by last Friday’s Non-Farm Payrolls), but the markets seem to have given it a pass on account of the hurricanes’ effects. With the numbers being given a bit of a pass due to the weather, I think it will take a lot more negative news to shake the indices. Friday's slate includes CPI, Retail Sales, Business Inventories, and Consumer Sentiment. I tend to think good news will be seen as a reason to rally, while bad news will continue to be discounted as a result of the hurricanes. While bad news may not provide a reason to continue higher, I think it will take several substantial misses in economic readings and earnings to turn this over. Traders will also want to pay attention on Sunday morning when Janet Yellen speaks. She’ll be speaking about the global economy, but she may drop some clues as to what will follow the likely rate hike in December.  

 

Dec '17 Emini S&P Daily Chart

Dec '17 Emini S&P Daily Chart

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