May 13th 2014 – Another record close For the Dow and S&P

Market View:

As I had mentioned in my notes yesterday, today was bound to be a little flat given the big advance from yesterday.

The retail sales data for April came in below expectations, but the March number was revised higher and showed the biggest advance in retail sales in 4 years.

Some big earnings out tomorrow which will drive the market, but my intuition says we go higher.

Market News:

U.S. stocks were mixed on Tuesday, with the S&P 500 crossing 1,900 for the first time, as disappointing April retail sales were offset by an upward revision for the prior month and an upbeat gauge of small business sentiment.

Tuesday’s tentative moves came a day after two benchmark indexes finished at all-time highs, with one strategist saying the climb into uncharted territory likely lured buyers into the market.

Retail sales rose 0.1 percent in April, after a revised 1.5 percent jump in March, the Commerce Department reported. Expectations called for 0.4 percent growth in April.

Earlier Tuesday, the National Federation of Independent Business reported that small business sentiment hit its highest levels in 6-1/2 years in April, with seven of 10 index components advancing.

Wednesday

Earnings: Macy’s, Sony, Sodastream, Cisco Systems, Agilent, Vimpelcom, Deere, Jack in the Box, SeaWorld, Eagle Materials, NQ Mobile

8:30 a.m.: PPI

News Sources:  CNBC and CNN Money