In the overnight message today, I said that “in the absence of unexpected news, I don’t anticipate a big decline.” Well, we’ve had some rather significant news this morning. Best Buys (BBY) announced much better than expected earnings and the stock is up about 16%. This retail surprise has the retail ETF (XRT) up about 1.2% and the strength in the retail sector has energized the entire market. The SPX is up about 0.4% and it is likely to move sideways from here, assuming no additional significant news. We will stand aside for the balance of the day.
Thanks for the opportunity to be of service and I’ll email you again prior to the beginning of tomorrow’s trading session.
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