U.S. car sales have shifted up another gear as auto makers report the best two months of sales in the last 15 years. Trucks and SUVs continued to drive profits as customers take advantage of cheap gas prices and low interest rates. Fiat Chrysler (FCAU) and General Motors (GM) topped analyst estimates with annual selling rates of over 18 million vehicles while Ford (F) and Honda (HMC) fell slightly short of expectations. Following its emissions scandal, Volkswagen (VW) was the only major automaker that didn't report October sales increases. GM led the way with a 16 percent sales jump, followed by Fiat Chrysler which saw its sales up 15 percent. Analysts are now predicting that U.S.. auto sales will be up 12 percent year over year, expecting sales of roughly 1.43 million vehicles for 2015.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.