Afternoon Note
The major indices are all continuing to make record high moves, with the Russell 2000 the best performer. All things cryptocurrency are in vogue today after Elon Musk said he acquired $1.5b in Bitcoin, and that you can use Bitcoin to buy a Tesla (TSLA). Retail investors on Robinhood and similar platforms are buying various cryptocurrencies. Even the meme cryptos like Dogecoin (not traded on the regular exchanges) are running, and up over 20% today at the high.
Investors continue to be powered by the anticipation that a deal for $1.9 trillion dollars will be passed and helped along with comments from Treasury Secretary Yellen that the U.S. economy can get back to full employment by next year if the stimulus plan moves forward. Airlines stock are flying higher, as the U.S. House committee is considering the Democrats plan for $14 billion in relief for the airlines. The money will be aimed at keeping thousand of employees, who may face layoffs in March, employed through September 30.
The reopening trade is in effect as well, while the stay-at-home stocks like Zoom (ZM), Peloton (PTON), even Amazon (AMZN) trade down.
Materials and Financials lead while Utilities are the laggards.
S&P 500 Index |
+0.34% |
|
Communication Services XLC |
-0.07% |
|
Consumer Discretionary XLY |
+0.24% |
|
Consumer Staples XLP |
-0.14% |
|
Energy XLE |
+3.66% |
|
Financials XLF |
+0.83% |
|
Health Care XLV |
-0.12% |
|
Industrials XLI |
+0.51% |
|
Materials XLB |
+0.84% |
|
Real Estate XLRE |
-0.42% |
|
Technology XLK |
+0.55% |
|
Utilities XLU |
-0.71% |
Breadth is resoundingly positive, with the up volume on the Nasdaq 6-1 the down.
Market Breadth |
NYSE |
NASDAQ |
Advancing |
2,280 |
2,972 |
Declining |
918 |
978 |
52 Week High |
257 |
641 |
52 Week Low |
0 |
8 |
Up Volume |
1.86B |
4.61B |
Down Volume |
840.43M |
725.51M |
Comments |
Hi Charles, love what you do! This mkt feels like a melt-up. Would love to see you weigh in on this somewhat cyclical phenomenon. Leo Velis on 2/8/2021 3:21:44 PM |
what are they going to do for the 100+k pipe line and border wall workers that lost their jobs not to mention all the associated jobs that biden has killed. Substitute a future $15/hr green job for the union job at $70+k /year, a typical dem solution. john sandford on 2/8/2021 4:01:13 PM |
I just can't help but feel that Bitcoin and the others have no more real value than Bernie Babies. Except with Beanie Babies at least you had the doll. Jeff Price on 2/8/2021 6:21:16 PM |
Goooood! Lorin K on 2/8/2021 9:10:01 PM |
Tweet |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
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4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
4/9/2024 1:56 PM | Fighting the Trend |
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