Stronger than expected earnings from some consumer discretionary companies help lead the S&P 500 (SPX) to its fifth consecutive higher session. Beauty products maker Estee Lauder (EL) and fashion house Ralph Lauren (RL) rose 12% and 8.4%, respectively after strong quarterly results. Google parent Alphabet (GOOG) also rose 0.9% to 1151.87 despite incurring rising costs. After fears of slowing U.S. growth and tariffs, investors came into 2019 with low expectations for the current earnings season. Better or ‘not so bad’ results have helped fuel the recent rally. After suffering its biggest annual loss in a decade last year, the S&P 500 (SPX) is up over 9% since the beginning of the year. On the day, the Dow Jones Industrials ($DJI) rose 0.7% to 25411.52, the Nasdaq Composite (COMP) gained 0.7% to 7402.08, and the S&P 500 (SPX) added 0.5% to 2737.70.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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