Markets Are Up

Markets hit their high, but trimmed some of their gains* after the NAHB homebuilder sentiment report, which missed expectations and unexpectedly fell.

Last week as he wrote about his expectation for a sell-off, JP Morgan's Tom Lee suggested that resilience in the face of bad news could be a sign of changing market mentality.

"We see the biggest challenge to our view as the possibility that equity markets are not negatively affected by bad news and continue to strengthen through 1H," he wrote "And this could be a result of a change in the market’s character. If investor confidence strengthens, there may be less volatility."

*Earlier, we noted that stocks jumped after the NAHB report, when they actually hit their highs of the day as the report came out.