As I have stated, once the drag of the debt ceiling/budget debate abated that you would see an increase in demand. This happened in spades in yesterday's trading, as the S&P 500 gained about 140 basis points in value with all sectors gaining, some even by 200 basis points or more. That said and now that the budget wranglings have been pushed to February 7th, nothing like agreeing to agree later, investors and traders can now focus on earnings and the economy, the latter of which remains weak. Looking to earnings, the third quarter earnings season remains young, but we have seen some big names post some unimpressive results- such as IBM, Ebay, Stanley Works and a number of smaller industrial names to name a few.
Turning to yesterday's price/volume heat map, supply was non-existent for the most part. Demand dominated the day with all sectors and the market as a whole showing considerable demand dynamics. What did you expect considering the uncertainty of the debt ceiling, finalized in the 11th hour, is no more..... at least until February.
Turning to yesterday's price/volume heat map, supply was non-existent for the most part. Demand dominated the day with all sectors and the market as a whole showing considerable demand dynamics. What did you expect considering the uncertainty of the debt ceiling, finalized in the 11th hour, is no more..... at least until February.
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