February is set to end with a flourish, extending a solid rally that erased all of January's losses and has most indexes positive for the year. It's old news versus new news this morning. A revised GDP growth report from last quarter shows that the economy grew much less than expected. The new news was from the Chicago PMI report, a key reading of current industrial activity. That report came in very strong indicating robust growth in that particular region. The new news is winning the day. It is helped by the fact that the S&P 500 Index broke through what has long been thought to be a key technical level. That Index is trading at all time highs. The US dollar is down against most other currencies while interest rates are mixed. Oil and gold are both trading down fractionally. Today seems to be the day when technicians, those who study graphs and trends to make investment decisions, will win the day and propel the markets to new highs.
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