Stock Market Today: February 8th - 12th, 2021

just thought actually charting the above stat would also be nice to have as well to give everyone the quick "visual" here.

the below chart is of the small caps russell 2k index going back 35 years at least.

"parabolic" a bit much on the rutty here?

 

Good Wednesday morning StonkForumers!

Here is this morning's pre-market news thread for those of you wanting to get a quick read before today's open-
<-- click there to read!

Hope everyone has a great trading day ahead on this Wednesday.

 

Morning Lineup - 2/10/21 - Russell Goes For Eight
Wed, Feb 10, 2021

Futures have been drifting higher all morning as positive momentum continues. Interest rates are modestly higher (although those increases have been erased following the release of CPI), and bitcoin is down nearly 3%. All in all, it's been a pretty quiet morning so far. In economic data, CPI for January was just released and despite some concerns that the report would come in hot, the headline print was right in line with forecasts (0.3%) while the core reading was unchanged versus expectations for an increase of 0.2%. On a y/y basis, CPI is up just 1.4% versus expectations for an increase of 1.5%. As much as the Fed wants it, inflation just won't seem to budge.

Although the S&P 500 and Dow ended Tuesday modestly in the red, small caps continued to shine as the Russell 2000 extended its winning streak to seven days. In the history of the Russell 2000 dating back to 1979, there have been seven prior winning streaks of seven or more trading days, so they are not particularly uncommon. Based on those prior streaks, the Russell's performance on day eight has been an average gain of 0.15% (median: +0.18%) with positive returns 71% of the time. So, more often than not seven-day streaks make it to eight.

In more recent history, seven-day streaks have been a little less common. Since the start of 2019, there have only been two other streaks of seven or more trading days and they were both in 2019 (February and June).

 

oh man are we really going to repeat what we did on the spx yesterday, at the close today? spx currently lower by -4 handles. basically what it did yesterday at the close.

 

nice @stock1234!

 

haha, yeah. maybe we'll just a correction through time then (sideways action) and not a price correction. that works too i guess lol

seems like unless something dramatically changes on the covid front (vaccine, etc), and/or we get something totally out of left field that completely surprises everyone. it still seems like it's all systems go i guess for the bulls

 

Good Thursday morning StonkForumers!

Here is this morning's pre-market news thread for those of you wanting to get a quick read before today's open-
<-- click there to read!

Hope everyone has a great trading day ahead on this Thursday.

 

Morning Lineup - 2/11/21 - All Quiet...Except Bitcoin
Thu, Feb 11, 2021

With China celebrating the lunar new year, Asian markets had a quiet overnight session with little in the way of market action or economic data. The quiet trend continued into European and US markets as well with major averages and futures markets little changed on the sessions.

The only area of real action right now is in the crypto space. Bitcoin just briefly rallied to record highs on news that Mastercard (MA) would support crypto-currencies in its network, and then just about a half-hour ago Bank of New York Mellon announced that it was establishing a digital asset unit to support and service the digital asset needs of clients. Bitcoin's price is off its highs from earlier, but it is still up over 6% on the day.

In economic data, jobless claims were just released, and while they both came in higher than expected, they did manage to decline from last week's upwardly revised readings.

In yesterday's Chart of the Day, we discussed the massive rally in crude oil over the last several weeks and how it stacked up to prior periods in the past. Another short-term aspect of the recent rally has been the fact that yesterday marked the fifth straight day that WTI closed more than two standard deviations above its 50-DMA. That's the first time we've seen a streak like that in over three years. Looking at past streaks going back to 2010, these readings didn't necessarily mark the top of a short-term rally, but they usually occurred closer to the end of a move than the beginning.

 

Just a very quick reminder for anyone looking in on this thread.

The U.S. equity markets will be closed this coming Monday, February 15th for President's Day.

The globex futures markets will open at the normal Sunday 6pm eastern time, then halt on Monday at 1pm eastern time. Then reopen at 6pm eastern time that evening for the resumption of normal trading hours for the remainder of the week.

 

whelp, and once again yet another small pullback day for the majors today

this is starting to smell like a "time correction" (sideways action) here, which could mean yet another RYFOR (rip your face off rally) brewing in the next week or so absent a black swan of course