JFarrish December 9

More new highs as money flow rises

MARKET OUTLOOK: December 9th

The market extends the series up of up days to five and another new high. 

Good economic data and a positive outlook for 2017 based on what the analyst and economist are reporting. This week the global markets have joined in on the party with Mexico (EWW), Japan (EWJ), Canada (EWC), Europe (IEV) and emerging markets (EEM) showing positive turns and upside moves. As the old saying goes, "a rising tide lifts all boats." 

The trend has turned positive both short term and longer term on the charts.

The S&P 500 index ended the day at 2246 and hits a new high again as money flow continues with investors putting money to work. 

The leadership for this Thursday was financials (XLF), telecom (IYZ), basic materials (XLB) and energy (XLE). 

Seven of the ten sectors closed in the green with industrials (XLI) and consumer staples leading the downside. Seven of the charts show uptrends with the laggards attempting bottom reversals. The VIX index rose to 12.6 up slightly from some intraday volatility, but the positive sentiment from investors is firmly in place for now. Treasury bonds yields on the ten-year bond moved back to 2.38% Thursday as rates remain steady looking towards the FOMC meeting. 

The positive move this week puts the optimism back in the investor's step and the markets.