Good morning. Happy Thursday.
The Asian/Pacific markets closed mixed – Japan and Indonesia did well. Europe is currently up across the board. Futures here in the States point towards a flat open for the cash market.
Yesterday the S&P hit a new 31-day high, but the feat couldn’t be matched by many of the 500 stocks within the S&P. Here’s a chart which explains. The top pane is the S&P. The second is the number of S&P stocks that registered a 10-day high (107 yesterday); the third pane is the number of S&P stocks that registered a new 20-day high (96 yesterday). This adds further proof it’s the large caps which are carrying the market higher while the small caps are lagging. It could persist in the near term, but it can’t last if the market is going to leg up again.
Employment numbers come out tomorrow before the open. In the near term anything goes. In the intermediate term, the uptrend should continue. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Aug 5)”
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This would be consistent with the premise that the HFT boys just trade the same stocks over and over. A large percentage of the volume in recent months has been on a limited number of stocks.
I’ve suspected that the Feds have told the HFTs that they will leave them alone as long as they trade bullishly. Start shorting and the hammer could come down, although the exchanges would fight that since HFT is such a large percentage of volume.
Hi Neal!
It’s funny you should mention Starbucks.
Was it Stockcharts.com…umm..when you go to
their blogs. They also put out a short signal
on SBXU. Double check this one before you do
anything about it. Good call, Neal if the
stock breaks down from here. HW
It wouldn’t be that difficult to run a correlation between Lg, Mid, and Sm Cap stocks of the S&P 500 to determine activity flow. I’d need to know the grouping algorithm. Should bonds be included?