Continuing Optimism Carries Stocks Near Record Highs; Volatility Declines
Really there wasn’t too much to be excited about today.
But that didn’t stop stocks from putting in a nice up day approaching their record highs:
Dow: +100 to 13878 (July 19 record: 14000)
S&P: +8 to 1525 (July 19 record: 1553)
At the same time stocks were going up, prices for puts as measured by the volatility index continued their sharp decline, closing at 17.57 – its lowest close since Monday July 23 (chart).
All things considered, I think we are getting real close to a near term top.