Major averages rose on mixed volume. The S&P 500 is now just 2% off its all time highs, though we have seen the index do an about face a number of times since 2015 when reaching or approaching all-time highs.
Central banks continue to print money which has to find a home. Hard assets including stocks have been and should continue to be the recipients. In the coming weeks, markets may move to new highs but in "broken leg" fashion, as the Federal Reserve remains absent from the QE-party. Indeed, since the Fed ended QE in October 2014, markets have not enjoyed the uptrends seen between 2009-2014. But given the recent hawkish positions taken by various Fed members, it is less likely to rejoin the money printing party... at least for now.
Kitchen cabinet manufacturer American Woodmark (AMWD) had a pocket pivot yesterday. It then pulled back on lower volume. Earnings have been robust, group rank 28.
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