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Stock Market Today: July 8th - 12th, 2019

Discussion in 'Stock Market Today' started by bigbear0083, Jul 5, 2019.

  1. bigbear0083

    bigbear0083 Content Manager
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    i missed much of the market action today and just now seeing that spx had crossed 3k earlier in the session ... would have had round # enthusiasts (*cough* nowwhat *cough* from the old HSM) going gaga had the DJ30 also crossed 27k :p
     
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  2. bigbear0083

    bigbear0083 Content Manager
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    New Highs For S&P 500 But Not a Lot of Sectors

    It was a monumental milestone for the S&P 500 earlier today as the index briefly crossed 3,000 for the first time in its history. While the S&P 500 traded up to a new all-time high, it was interesting to see that not a single sector made a new high in terms of their relative strength versus the index. The only two sectors where relative strength is even close to a 52-week high versus the S&P 500 are Consumer Discretionary and Technology. Just two sectors hitting new highs on a relative basis may not sound too impressive, but when those two sectors account for nearly one-third of the entire index, it's not as bad.

    [​IMG]

    [​IMG]

    While no sectors are hitting new highs today on a relative basis, a number of sectors have recently hit new highs on an absolute basis. The chart below shows the S&P 500 over the last year, and on it we have notated the date of each sector's 52-week high. When the S&P 500 recently first made a new high, the rally was being led by defensives like Real Estate and Utilities which made their highs on 6/20 and 6/24, respectively. On 7/3, another defensive sector joined the fray as Consumer Staples rallied to a new high. Today, we are finally beginning to see some non-defensive sectors get in on the act as both Consumer Discretionary and Technology made new highs. Trailing way back in the dust of these sectors are Financials, Industrials, Materials, and Health Care, which haven't made new highs in over eight months. If these sectors can make it over the hump, the S&P will likely be in the midst of a big leg higher.

    [​IMG]
     
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  3. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Gold on a tear again after Powell this morning :eek:
     
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  4. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    OK the FED will be out of the way for now, at this point I would be very shocked if the FED doesn't cut at least 0.25% in its July meeting :p Earnings season will start next week and should be exciting for those of you who like to play earnings :D Expectations probably are pretty low and I am thinking most companies can beat the lowered expectations.
     
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  5. bigbear0083

    bigbear0083 Content Manager
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    haha, yeah they better cut at 0.25% or else.......

    :p

    [​IMG]
     
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  6. Wildebeestmode

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    wow there is some amazing info in this thread. thanks for posting all this stuff. with JPow essentially confirming the already priced in rate cut, do we think the major indices and ETFs will gradually climb for the rest of the summer? Doesn't seem like there's much of a reason to be on the sidelines in the short term.
     
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  7. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    I am leaning bullish as long as the interest rates staying so low. Earnings season starts next week and we will see how the companies did in Q2, if earnings are okay then I think we should see more ATHs ahead :D
     
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  8. Wildebeestmode

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    That's what I'm thinking. It seems like most earnings forecasts aren't particularly upbeat, but that sounds like a good thing. Maybe some pleasant surprises ahead to fuel a climb.
     
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  9. Ken34

    Ken34 2017 Stock Picking Contest Winner

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    that was a weird day, market overall was rallying but quite a few names, tech names at that were red, hmm. also that intraday reversal in xbi was interesting.
     
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  10. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    Transports were down as well, near a death cross while the 200 ma is pointing down to boot.[​IMG]

    It's like I should be worried, but I'm looking for the markets to go up too.
     
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  11. bigbear0083

    bigbear0083 Content Manager
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  12. bigbear0083

    bigbear0083 Content Manager
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    someone get this man a new hat :p

    [​IMG]
     
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  13. bigbear0083

    bigbear0083 Content Manager
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    some quick stats i just ran across in my brief morning reads here.

    so, at the end of this month the market is expecting the fed to cut rates by at least 0.25%.

    did you know that not all rate cuts happen at market lows?

    dating back to 1980, there have been 17 rate cuts that occurred while the market was at least 2% away from ATHs.

    interestingly enough, 12 months later the market was higher, and is a perfect, get this, 17 for 17 when that has happpend :eek:

    [​IMG]
     
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  14. stock1234

    stock1234 2017 Stockaholics Contest Winner

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  15. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Interesting to see the DOW outperforming so much, looks like a lot to do with UNH :eek:
     
  16. bigbear0083

    bigbear0083 Content Manager
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    dang, i was kinda rooting for a 27k and 3k closes for the dj30 and spx today :p

    hmm, could still happen i guess with just over and hour left in the trading day :D
     
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  17. OldFart

    OldFart Well-Known Member

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    twitter having issues:


    Something is technically wrong.
    Thanks for noticing—we're going to fix it up and have things back to normal soon.
     
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  18. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Haha a 3K close is still possible if the market has a decent run into the close :p
     
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  19. stock1234

    stock1234 2017 Stockaholics Contest Winner

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    Looks like the inflation data was a little bit hotter than expected and the jobless claims were good, still hard to see the FED from backing off from cutting rates though :p
     
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  20. OldFart

    OldFart Well-Known Member

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    They really only care about the banks, so who knows what they'll do.
     
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