Below I have captured an excerpt of the excellent StockCharts Market Summary page, which provides a graphical and numerical overview of the day’s action across a wide variety of indices, sectors, geographies and asset classes.
Today I am focusing on the sectors that are leading the rally. These include REITs and retailers, with support from transports, including the air lines. Frankly, there is very little sector weakness across the board, just degrees of strength. While not shown in the graphic below, the yen is also doing well today.
I am somewhat skeptical that today’s rally will have legs, but as long as the breadth of the rally continues, the odds suggest that a reversal is not a high percentage play.
[source: StockCharts]
Isn't it interesting with TNX shooting up and 30 year mortgage on fire, Reit is blasting off too? :)
ReplyDeleteIndeed. Quite a few surprise so far today...but the day isn't over yet and the rest of the week will be hard pressed to match this momentum, methinks.
ReplyDelete-Bill
interesting to see that the VIX/VXN are up today with the stock market. Guess the financial media could have an excuse/reason if the market sells off tomorrow.
ReplyDeleteJimmy