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Yesterday, the market shook off midday weakness to close with small gains for the session. So far today, it is a repeat performance. While there is still a lot of time left, the market has erased its early losses and moved into positive territory.

Big tech is leading the way (+1.1%), along with semis and biotechs (+1.1%). Energy and materials are again taking it on the chin. I pared back most of our energy exposure last month, but I am contemplating adding a little to the Canadian energy trusts, now yielding 18%+.

The ISM services index came in below expectations today. That helped push bond yields lower again. After hitting 4.65% at the end of September, the 10-year yield has shed 8 bps to 4.57% and looks like it could move lower still.

Retail stocks continue to get a nice bounce ahead of tomorrow's retail sales reports. I like the retailers on a pullback, as I think lower interest rates and lower gas prices will embolden the consumer.

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