The DOW drifted in and out of positive territory all day long and finally ended with a 3 point loss today. The S&P 500 and NASDAQ were both higher, up 6 points and 52 points respectively. These two indices kept on building today…continuing their bullish attitude. It has been 13 higher days out of the first 16 so far this year. Quite a performance.
NFLX had a moonshot new high of 250 today. AMZN also went bonkers to 1362 and was joined on the upside by FB and ISRG ahead of its report on Thursday. NVDA did not want to be left out of the party and finished at 238. PCLN added 47 points to 1962.
Breadth numbers were slightly positive and the VIX gained a bit to 11.10. It is still a long way off of its ultimate downside support at 9.12 which would eventually stop the uptrend.
Bond yields were a little lower at 2.63% for the 10-year Treasury Note and 2.05% for the 2-year. The Euro was a little higher on the lower yields here at 1.227 and the Japanese yen strengthened as well at 110.35. Gold was higher to $1,340 an ounce and crude oil was up at $64.75 a barrel.
This week sees some important earnings: Today – NFLX at a new all-time high after its report plus DOW components PG, JNJ lower, TRV was strong and VZ lost a fraction. KMB was a little higher and TXN reports tonight ; Wednesday – DOW components GE and UTX plus ABT, NFC, F, BKI; Thursday – DOW components 3M, CAT, INTC plus RTN; CLG, UNP, FCX, ISRG and SBUX; Friday – HON, COL. This means 9 DOW members are reporting in one week.
Donald M. Selkin
These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report. This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities. This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm. This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author. These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.