The bulls are looking to get back on track after a slow start and seem to have found their groove over the last few hours. The market spent much of the morning in negative territory following an interest rate increase in China (its third of the year) and some lousy economic news but the news hasn’t stopped today’s rally.
The MBA Mortgage Index, which combines data on both applications for refinancing and for new hone purchases, fell 5.2% for the week, due to a decrease in refinance applications. The ISM non-manufacturing report came in at 53.3 for June, versus expectations for a print of 54.0. And finally, the Challenger Job Cuts report showed a year-over-year decline.
Despite the headwinds, the market is once again pushing resistance as we get into the second half of trading. The Dow is up 67 points to 12,637 while the S&P 500 is higher by 2 points to 1,340. The Nasdaq is showing an 11 point pop and is at 2,836.
Our current trades are holding up well and some of them are posting solid gains. June was a great month for us and we are looking to keep the ball rolling into July. Subscribers, check for the updates inside our Members Area to get our latest thoughts.