18 October 2013

SP 500 and NDX Futures Daily Charts - New All Time High On the SP 500

The SP 500 ran to a new all time high today as the bulls were stampeding on the delay of the budget/debt crisis, and broad expectations of no taper until March of next year.

They were hot and bothered by the results from Google, GE, Morgan Stanly, among a few of the usual suspects.

Notice that VIX has fallen back down into the complacent zone.

Next Tuesday we will be getting the delayed September Non-Farm Payrolls Report. The consensus of economists is for a net add of about 183,000 jobs. I think we will fall short, and that the Street will slough that news off if it does not miss too badly. If it comes in fat, then look for renewed talks of 'taper.'

Have a pleasant evening.