Tale of the Tape
Good evening folks and happy Spring! All the major indices closed higher today and so that’s one in a row. If we close higher again tomorrow, it will be the first time for two in a row since Feb 12, though it seems like forever.
The Russell 2K did a thing today. Wow! Insert twerk gif here or whatever…
Check out the chart below. As you might be aware, the Russell 2000 has been hit especially hard. The index is off 37% year to date even after today’s 6.8% rally. Still, huge outperformance today for this underperforming basketcase.
Here’s the one-day chart of the major indices…
So this is the theme for today. We saw insane divergences across indices and sectors. The Russell, as we mentioned, went ballistic, while the S&P 500 managed only .47% to the upside. The Nasdaq was up 2.3%.
Meanwhile, we saw 6 sectors close up more than 1% and 4 close down more than 1%.
We also saw crazy moves in oil, up 25% as well as individual stocks going bonkers.
All in a day’s work we guess in this bipolar market environment. You know, manic depression is a frustrating mess.
Oh, here’s that one day chart with the sector ETFs all over the map…
We Have Plenty of Cash
Uber snapped back with a vengeance. The stock closed up 38%, however, it’s still down 50% from its February 11th closing high. Earlier today, Uber CEO, Dara Khosrowshahi, said that the company had plenty of cash to get through the coronavirus crisis. One more WTF move…
Here’s the chart:
Crude Had Itself a Day
Oil futures were up 25% today. WTF move of the day number 97… The commodity has been getting battered all year, today was only its 3rd up day in the last 12 sessions.
Check out the chart. Despite today’s rally, oil futures are down 58% YTD. Lord have mercy…
President Trump said he would be ok with forbidding buybacks in the event of a corporate bailout. lol.
Today On Stocktwits…
The chart below shows how many stocks are making new highs and new lows each day. You can see over the last few days fewer stocks are making new lows (rising black line).
Courtesy of market pro Robert Lesnicki.
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