Market Wrap
Pullbacks are not allowed, and all shorts must die.
And what would a day be like these days without a 50-point jam at the closing bell?
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Bonds moved up, pulling yields back:
6-month: 0.29% 2-yr: 0.98% 5-yr: 2.14% 10-yr: 3.29% 30-yr: 4.28%.
Internals were positive, but volume came up short of yesterday’s levels. Advances/declines were 6 to 1 on the NYSE and 3 to 1 on the Nasdaq, with up/down volume 8 to 1 on the NYSE and 5 to 3 on the Nasdaq. New highs/lows were 9/13 on the NYSE and 28/6 on the Nasdaq.
Leading the way up — again — were the banks (+12.1%), followed by the REITs (+8.0%), paper (+7.8%), brokers (+7.0%), insurance (+5.9%), housing (+5.5%), oil services (+5.2%) and natgas (+5.1%). Semiconductors (-1.9%) had a second consecutive bad day, and retail (-0.6%) continues to lag.
Energy prices have moved up along with everything else. Crude pushed up to $58.63/barrel, gasoline ran to $1.70/gallon (what’s that mean at the pump??), and natural gas jumped to $4.33/mmBTU. The weak dollar continues to help push up other assets — the dollar index tanked to 82.72. The precious metals held up, with gold at $915/ounce and silver at $13.97/ounce.
BMB Note: The rocket ride continues, until it doesn’t anymore — it’s starting to look like we might have to put in some sort of blow-off top before this even begins to correct.
Maybe we’re close to that point, and maybe we’re not. I have no idea. They say to buy fear and sell euphoria — which are we seeing right now?
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