The stock market really surged from the get-go yesterday with the S&P 500 (SPX) making an all-time high on an intraday basis and then backing off to close slightly below its all-time closing high. I would not get all hot and bothered over the profit taking that took place. As for today we are set to open a bit lower but for the most part I am expecting an up and down session.
Mt. Gox Shuts Down
Mt. Gox, the Bitcoin exchange has closed down. This comes a few weeks after the arrest of Charlie Shrem and several nations outlawing the virtual crypto currency. I have seen nothing but problems for Bitcoin since its popularity skyrocketed last year. By this time next year, we will likely have forgotten that Bitcoin even existed.
Case-Shiller Home Price Index to be Reported
The Case-Shiller home price index will be released this morning. I am expecting further year-over-year gains but the monthly data will be soft. That softness will likely be attributed to the weather across the nation. However, that same weather will likely pick up sales in the coming months as cold weather families, especially baby boomers seek to leave the north and northeast as they desire to live in the warm weather states which were most impacted by the housing bust, i.e. Florida, Arizona and Nevada.
Tomorrow is the annual Capital Markets Colloquium at Seton Hall University. I hope you can make it. I will take the next two days off from writing as I concentrate on that event.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC had no positions in stocks mentioned — although positions can change at any time.
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