In a very quiet session, stocks gapped up to open the session and moved in a very narrow range for most of the day. The S&P 500 added 0.18% and the NASDAQ 0.15%. We had a 5 day "correction" prior to Friday but the big surge that day plus today's gains has erased just about all those losses in the major indexes. News flow was very light as we come off a very heavy week of economic data last week; the only major report this week will be retail sales Thursday.
We'll look at the longer term charts for the indexes today - we can see the NASDAQ has been in an almost perfect channel all year with a few short term exceptions to the downside; in total about 10 days all year below this channel.
The S&P 500 continues to hold this breakout that connected late summer/fall highs.
The Asian focused casinos, which have been in a half decade run, are in their latest leg upward - here are Wynn Resorts (WYNN) and Las Vegas Sands (LVS), both with heavy exposure to the Asian gambling market.
Twitter (TWTR) doesn't have much in the way of a pattern yet as it is not even 50 days old, but had a monster move today to return to its first day highs. There were a spate of product announcements that could boost Twitter's revenue prospects.
On the negative side was McDonald's (MCD) as the restaurant chain reported weaker than expected global sales at established restaurants for November. A sharp drop in comparable-store sales in the United States hurt its global sales, McDonald's said. The world's biggest hamburger chain said worldwide sales at restaurants open at least 13 months rose 0.5 percent last month, missing analysts' average estimate of a rise of 0.6 percent. Same-restaurant sales fell 0.8 percent in the United States, widely missing the 0.3 percent gain expected on average.
In other news, it was reported that the U.S. Treasury finally sold the last of its General Motors stock, booking a loss of $10B+. Treasury ultimately recouped $39 billion through the sale of shares, dividends and loan repayments since 2009. But the government pumped $49.5 billion into GM to help it get through a bankruptcy reorganization.