Another gap up to start Tuesday as bulls have taken back control of the markets. After the initial surge at the open most of the rest of the day was quite quiet actually. The Commerce Department reported beginning home construction rose 15.7 percent last month from June, while starts for volatile multi-family homes jumped 33 percent.
Yesterday we said the NASDAQ broke out and the S&P 500 broke back over a key resistance level – both continued today.
The NYSE McClellan Oscillator is now firmly in short term oversold territory.
Housing stocks surged on the government data.
Apple (AAPL) was a key driver today:
Home Depot (HD) gained after the home-improvement retailer reported earnings that beat expectations and hiked its outlook.
TJX Companies (TJX) also advanced after the parent company of stores including T.J. Maxx and Marshalls raised its 2014 earnings forecast.
Today was the 10 year anniversary of the debut of Google (GOOG). Bespoke Investment Group has a nifty chart of the best performing S&P 500 stocks over those 10 years.