Major averages rose yesterday on mixed volume with the S&P 500 closing firmly above its 200-day moving average, though its volume was lower. The S&P 500 and NASDAQ Composite are roughly 2% from their all-time highs. So far this year, each time the market has made new highs it has quickly rolled over into 2% to 4% corrections in the major averages, taking leading stocks down much faster. This underscores the point of being nimble in this environment, quick to cut losses, and quick to take gains when you have them in context with the stock's chart.
The Fed minutes revealed that, for the first time, most Fed members are open to a rate hike when they meet December 15-16. This news seemed to help the general markets rally as this was taken as a sign that the economy is robust enough to weather a rate hike. This would be the first rate hike in 9 years.
Cloud-based IT software company NOW had a pocket pivot. Earnings are strongly accelerating, sales remain robust, institutional sponsorship has grown over the last 4 quarters, group rank 5.
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