Aug 26th 2014 – S&P 500 & Dow Hit New Records

Market View:

Take a look at the above picture, this is a real trading chart for the last few trades on UDOW.  This is the system at its best, getting out at the top, letting it fall and getting back in at the bottom of a new trend…beautiful!

Today we had another advance after some good reports on the US economy.  Seems that it is all good news right now, with geopolitical issues being the only worry.

Hopefully something good will come out of the meeting in Belarus between Russia and the Ukraine, perhaps there will be further news about that tomorrow.

I expect a day of selling tomorrow as the weak hands profit take for fear of losing out.  But as the old saying goes, it is important to let you winners run.

Market News:

U.S. stocks rose on Tuesday, lifting the Dow to an all-time high and the S&P 500 to its first finish above 2,000, after better-than-expected reports, including a jump in orders for durable goods, cast favourable light on the U.S. economy.

A measure of consumer confidence hit 92.4 in August, exceeding estimates of 89.

Another report had home prices rising at a slower rate in the year ending in June, with the S&P/Case-Shiller index of property values increasing 8.1 percent from June 2013.

In addition to economic reports, geopolitics was back in play, with the presidents of Russia and Ukraine meeting Tuesday in Belarus, and Palestinian officials saying a Gaza truce had been reached with Israel under Egyptian mediation.

Wednesday:

Earnings: Brown Forman, Chico’s, Tiffany, Williams-Sonoma

1:00 p.m.: $35 billion 5-year auction

News Sources:  CNN Money & CNBC