Tale of the Tape
Stocks rallied with gusto today and closed on the highs. The S&P 500 was up 4.94% making up more than half of yesterday’s precipitous decline. The crazy volatility continues but this time to the upside. Stocks are still down 3% for the week but, as is becoming more clear, anything can happen.
Today’s bullish action comes on the heels of President Trump pitching a 0% payroll tax through the end of the year. Yeah, you read that right.
This market is a tilt-a-whirl wrapped in a rollercoaster inside a hall of mirrors. We hope you are enjoying the ride.
Energy stocks rebounded, although they closed well off the highs while utilities were the weakest sector closing up 1.01%. Tech and the financials rallied more than 6%. Good God!
Stocktwits Social Sentiment Data
Here’s the Stocktwits Social Sentiment Data for March 10. Following today’s massive rally, people got more bullish but only slightly relative to the price increase. Perhaps, Stocktwits members are suspect of the move higher.
Oil is Not for the Faint of Heart.
Crude futures were up 10% plus today. The volatility in this market is unprecedented. Here’s a chart shared by Chris Kimble aka KimbleCharting highlighting the Crude Volatility Index, $OVX, hitting all-time highs yesterday. Was yesterday the capitulatory bottom?
Kimble had this to say:
Yesterday reminded me of the crash of 1987, except for in oil. Everyone forgets the Friday before the crash in stocks back in ‘87. Everyone forgets Friday’s 10% decline, due to yesterday’s panic (25% loss) on a Monday. So many similarities between the two!!!
Last Night On Stocktwits…
On March 9th, 3,266 stocks printed fresh 3-month lows
On March 9th, 3,708 stocks printed fresh 1-month lows, when the world was falling apart in the 4th quarter of 2018 the highest this indicator printed was 3,158.
Nice work Zor!
The Few that made new Highs.
Although 3,266 stocks hit new 3-month lows yesterday (see above), Dollar General and Clorox both tapped all-time intraday highs today.
These stocks are crushing the $SPY in 2020:
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