Car manufactures have been rolling out their annual sales numbers and for the most part have been strong and beating expectations. If December ends up positive, this could be the 7th year in a row that U.S. auto sales have been up, something not seen since the early 1920. Some economist are predicting that 2016 could hit record highs. In 2015, 17.5 million cars and trucks were sold, and expectations are that sales could increased to 17.7 million annual units in December.
The major indices are in the green again for the second trading day of the New Year. This could be a good omen as the old Wall Street adage says so goes January so goes the year, which historically has been correct 74% of the time. The Dow is 75 points away from 20,000. Key resistance level is 19,974 with support around 19,934. Not sure 20,000 happens today, but we are getting closer.
Advancers are leading decliners 2506/467 on the NYSE and 2341/604 on the Nasdaq. Volumes are still light.