We had 7 to 1 advancing versus declining stocks at the open which is way bullish.
We continue to get a modest cyclical rally which has been going on for a few days now. Materials, Energy, and Banks are doing a little bit better.
Technology stocks are doing ok but more defensive sectors like Utilities and Consumer Staples are lagging behind markets.
The market could be pricing in a post-election stimulus. There may not be a stimulus package that’s going to happen but investors believe something’s going to happen with an a la carte menu particularly on airlines. Airline stocks are up another 2% today on average.
Earnings season is kicking off and if you look at the numbers for the third quarter, on Monday there were 18 companies that have reported and they beat by huge numbers. The average beat was 27 percent. The average company beats about three to five percent so these beats are enormous.
CNBC’s Bob Pisani looks ahead to the day’s market action.