Market Wrap
It was a ‘damn Dubai and dump the dollar’ kind of day, as the global reflation trade came back to life after a few days off.
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Internals were positive on lighter volume. Advances/declines were 4 to 1 on the NYSE and 11 to 5 on the Nasdaq, with up/down volume 4 to 1 on both exchanges. New highs/lows were 217/7 on the NYSE and 95/25 on the Nasdaq.
Leaders — Gold/Silver (+4.91%), Semis (+3.06%), Commodities (+2.83%), Airlines (+2.71%), Disk Drives (+2.65%), HMOs (+2.55%), Hospitals (+2.34%), Telecoms (+2.33%)
Laggards — Banks (0.00%), Insurance (+0.34%), Defense (+0.92%), Comp. Hardware (+1.13%), Broker Dealers (+1.21%), Health Care Products (+1.21%), Health Care (+1.26%), REITs (+1.28%)
Treasury Yields — 6-Month: .14%, 2-Year: .67%, 5-Year: 2.03%, 10-Year: 3.27%, 30-Year: 4.26%
Energy Prices — Crude oil: $78.22/barrel, Gasoline: $2.0704/gallon, Natural Gas: $4.751/mmBTU
US Dollar Index — 74.430
Precious Metals — Gold: $1197.00/ounce, Silver: $19.09/ounce, Platinum: $1481.00/ounce
BMB Note:
Today doesn’t do much to change our view at the moment. The concerns remain in the small-caps and financials — interesting that on a day when the indices were all up better than a percent, the banking index was absolutely flat.
We’re pretty much sitting on our hands, waiting for the market show a few more of its cards.
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