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“I became a good pitcher when I stopped trying to make them miss the ball and started trying to make them hit it.” – Sandy Koufax
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We made it! We’re not sure about you, but following rumors that Twitter was going to break overnight, we slept soundly. But that’s just us. We’re sure that there are more than a few people out there who as much as they say they hate it, couldn’t imagine a life without their beloved little blue bird. OK. Maybe we sometimes find ourselves in that camp too. Depending on where you stand on social media or these days, your opinion of Elon Musk, fortunately or unfortunately, Twitter is still chipping this morning.
Twitter’s survival is just as good a reason as any to attribute as the catalyst for this morning’s rally in futures, but lower oil prices aren’t hurting matters. We did find it interesting, though, that just as yesterday, futures were positive heading into the European open and steadily lost steam, today has been an exact mirror image. For the rest of the day, the only economic reports on the calendar are Existing Home Sales and Leading Indicators at 10 AM.
It’s been a relatively strange week in terms of index and sector performance as returns have been all over the place. At the index level, all the major index ETFs are above their 50-DMAs, but the S&P 500 (SPY) and Dow (DIA) are both overbought while the Nasdaq 100 (QQQ) and Russell 2000 (IWM) are in neutral territory. The Russell is pulling back from more overbought levels last week with a decline of more than 1.5%, but the Nasdaq 100 gained ground as it’s the only one of the four index ETFs that is up in the five-day period ending yesterday.
While the Nasdaq 100 has been the top-performing index ETF, Technology (XLK) isn’t the top-performing sector. With a gain of 0.79% over the last week, it is underperforming both Communication Services (XLC) and Energy (XLE) by more than a full percentage point. On the downside, five sectors are down a full percentage point in the last five trading days with Real Estate (XLRE) and Utilities (XLU) leading the way lower with declines of more than 2%. The only two sectors below their 50-DMAs are Consumer Discretionary (XLY) and Utilities (XLU) while Energy, Industrials (XLI), and Materials (XLB) are the most extended relative to their 50-DMAs at 8.75% or more above that level. Communications Services and Utilities, meanwhile, are right in the zone and both within 1% of their 50-DMAs.
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