The S&P 500 has pushed into new territory on the 'euphoria' following the three-month resolution to the debt-ceiling debate. More so, the market likely rallied on the supposition that the economic weakness that resulted from the government shutdown, which I have seen ball parked in the 30 basis point range, in conjunction with a growing likelihood that the Fed will not taper at any point this year, if not longer. I continue to think the S&P 500 will push into an area in the 1,776 level.
Although the market's value increased, the overall demand waned with most sectors posting demand dynamics less than 50%. This suggests to me that the breadth of the gains were weak overall.
Week Ending Oct. 18
For the latest ended week, the S&P gained well over 200 basis points. This is as all sectors gained in price with telecom and financials leading and industrials and utilities lagging, on a percentage change basis.
If you have followed the daily pieces, the following should come as no surprise. Overall demand on the week was very strong. Demand was strong in more than 70% across the market sectors.
Although the market's value increased, the overall demand waned with most sectors posting demand dynamics less than 50%. This suggests to me that the breadth of the gains were weak overall.
Week Ending Oct. 18
For the latest ended week, the S&P gained well over 200 basis points. This is as all sectors gained in price with telecom and financials leading and industrials and utilities lagging, on a percentage change basis.
If you have followed the daily pieces, the following should come as no surprise. Overall demand on the week was very strong. Demand was strong in more than 70% across the market sectors.
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