Another Accumulation Day For The Nazz
Sorry for the lack of posts today. It was one of those hectic days at the office.
The market posted another solid session, its fourth up day in a row. Volume eased on the NYSE, but expanded on the Nasdaq. That makes for a third straight accumulation day, and the 6th in the last 8 sessions! That is an amazing streak.
Moreover, breadth improved noticeably today, at least in terms of new highs. There were 362 new highs on the NYSE and 320 on the Nasdaq. And the Hi/Lo index for the Nasdaq hit +270 today, its highest level since April.
Small-caps and growth stocks again outperformed. The SPX is now +12% ytd, while the Russell 2000 is almost +18%.
Oil was up on the day, though still trading below $60. Bond yields also moved higher, with the 10-year finishing at 4.61%. This is still well below the fed funds and T-bill rates, and indicative that the Fed needs to be less restrictive. I think it will show up in the money supply.
In after-hours trading, there was a handful of retailers reporting earnings. A few of them did not match expectations, and the stocks are trading down. These include: GYMB, MW, ZUMZ