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.

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