March 18th 2014 – Stocks Higher For Second Day On Housing Data & Putin’s Statement

U.S. stocks rose again today, extending the prior day’s jump, after upbeat data on the U.S. economy and after Vladimir Putin said Russia was not looking to divide Ukraine.

Addressing the Russian parliament, Putin said Russia was not looking to take control of more of Ukraine after approving a plan to make Crimea a part of Russia after a referendum viewed as illegal by the United States and the European Union, which imposed sanctions on officials accused of taking part in Russia’s military takeover of the Black Sea peninsula.

The Department of Commerce on Tuesday reported housing starts in February were down 0.2 percent from January and off 6.4 percent from the year-ago month, while a rebound in building permits offered hope for the housing market emerging from a soft patch.

The Federal Reserve on Tuesday started a two-day policy-setting session, with the central bank expected to continue tapering asset purchases.

Another report Tuesday had the Labour Department’s Consumer Price Index edging up 0.1 percent last month as a drop in gasoline costs offset an increase in the price of food.

News Sources:  CNBC and CNN Money

My Market View:

Now it’s the Fed’s turn to direct the flow of the market, with Yellon giving here first statement tomorrow, usually around 2pm.  I think the influence of the Ukraine conflict on the market will be less in the coming days and weeks now.  Matters of home economics will come back to focus.

Seems that this dip was a buying opportunity, we may see another all-time high before long, however, a lower high may also be in play, so I am hopeful that a new high will be in place by the end of this week to confirm a continuation of this upward trend.  Bring on the Bulls!