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The Nasdaq Composite Index closed up 0.8% at 8,202, notching its first record close since July 3. The S&P 500 index , meanwhile, carved out a fresh intraday record at 3,002.89, briefly punching.

Summary: Equities are 2-5% higher so far in May, trying to add to their small gains from April and put behind a rough winter.This week, small caps closed at a new all-time high (ATH) and NDX broke to a 7 week high near its March ATH. This is constructive for the broader market.

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RBA signals further rate cuts are imminent RBA says further rate cuts possible By grants estate agents october 15, 2013 No Comments The Australian has report that The Reserve Bank of Australia has held out the possibility of a further interest rate cut but indicated a move was not imminent.

On an unadjusted basis, the Index increased 29.7 percent compared with the previous week, which was a shortened week due to the Memorial Day holiday. The four week moving average for the seasonally.

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In the day ahead, bonds will attempt to hold on to their recent gains despite an illiquid pre-holiday trading environment. Durable Goods is the only economic data on tap and it hasn’t been a huge.

While we’ll take the gains, at this point the movement isn’t enough to get too excited about. We’re still about 100 bps (1% of loan size) under late April’s pricing, and need market sentiment to shift. With tomorrow’s early close for the Memorial Day weekend, secondary desks often get conservative.

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