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this from Sentimentrader; it essentially echoes what I’ve been sharing herein about market breadth of late (note the historical reference date):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!

Share on linkedin
Share on facebook
Share on twitter
Share on email
Share on pinterest

Recieve Between the Lines Posts to your Inbox

Sign up for lorem ipsum delores sin.

We care about the protection of your data. Read our Privacy Policy.