Morning Note: Like Only the Year 2000

Asian equities closed mixed overnight (8 of the markets we track up, 8 down). 12 of the 19 European indices we track are in the green so far this morning. U.S. averages are, save for the 30-stock Dow, are struggling this morning: Dow up 61 points (0.21%), S&P 500 down -0.59%, Nasdaq down -1.79%, Russell 2000 down -0.40%.

The VIX (SP500 implied volatility) is tame, -0.45%, while VXN (Nasdaq vol) is once again elevated, up 1.52% as I type.

Oil futures are down 1.49%, gold’s flat, -0.08%, silver’s down -0.72%, copper futures are down -0.68% and the ag complex is down -0.47% so far this morning.

The 10-year treasury is modestly higher (yield lower) and the dollar is flat, -0.02%.

Our core portfolio is flat +0.02%, with 10 positions up, 8 down to start the session. Leading the pack is our newest addition KBE (up 2.85%), followed by our broader-based financials ETF, energy, Verizon and staples. Our losers led lower by tech, emerging market equities, Asia-pac equities, materials and ag commodities.

Keeping this one brief I’ll leave you with this from Sentimentrader; it essentially echoes what I’ve been sharing herein about market breadth of late (note the historical reference date):

“Daily moves in the S&P 500 index have becoming less correlated to the breadth of movement in its underlying stocks to the 2nd-most extreme degree in 30 years. There is also a near-record negative correlation between value and growth stocks. Only the year 2000 can match this type of odd behavior.”

Have a great day!


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