Friday Morning Joe. 11 November, 2016.
In America:
Results were mixed. DJ +1.17%, SP500 +0.2%. Nasdaq -0.81%. New York Composite +0.38%. Russell 2000 +1.58%. Volumes were exceptionally high.
NYSE NewHigh/NewLow Ratio improved a little, 61.2%. NLs continued to increase from 117 to 181. That is a very high NL figure and says that there’s something not right in this market. It could be that an exceedingly high rotation is occurring out of some sectors and into others.
The NYSE can be broken up into nine sectors. In this session, six sectors were up, three were down. The three down sectors were down very heavily: Consumer Staples -2.67%, Technology -1.64%, Utilities -2.41%. It seems that the American market is saying that the Trump presidency will result in some clear winners and losers.
SP500:
Unlike the Dow Jones, SP500 was up only modestly. Today's wide-range doji candlestick suggests a great deal of churning occurred in the large cap index. This has come as the Index approaches major horizontal resistance. Today's action lowers the chances that resistance will be broken (although DJ has no hesitation today doing that). Indicators are still not overbought, so it has some chance of continuing higher and through resistance. The next couple of days will be important.
Commodities:
DBC down -0.81%. It continues in a sideways trend.
Energy -1.59%. Industrial Metals +1.34%. Gold -1.49%. Iron Ore continued its bullish run, up +4.5%. now at 74.20 a tonne. Copper, also, was very bullish, up +3.5%
Miners will have another great day. Other sectors may be more sanguine. The SP500 suggests we'll be relatively flat today - but the Miners should be enough to make our market stay positive.
RB.
(20min delay)