The good news is that the DJIA closed at a record high. The bad news is that it didn't make it to 20,000. The worse news is that we have to listen to the media obsession with this for at least another day.
Overall, it was another solid day for the market. Good gains, solid breadth and plenty of stocks pushing higher. The technology names took the lead today, but there really wasn't any notable sector weakness. The FANG stocks and the small-caps all performed well.
One of the big reasons we are hearing so much about Dow 20,000 is that there isn't a lot of other news out there right now. We don't have earnings or economic news, and as we head into the holidays the news flow in general starts to slow. It is still a bit early for end-of-the-year moves, so there just isn't much for the folks in the media to talk about other than Dow 20,000.
I have written quite often that strong markets tend to stay sticky to the upside. They don't just suddenly fall apart and go straight down. The focus on Dow 20,000 makes that even more so. Everyone is going to be pushing for that level until it happens.
I had some good action on my screens today in names I've mentioned like Impinj (PI) , AK Steel (AKS) and Twilio (TWLO) . This tends to be a good time of the year for small-cap stock picking, so that is what we need to focus on. All the talk about the Dow is annoying, but it does benefit stock picking.
Have a good evening. I'll see you tomorrow.
