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“Chance favours the prepared mind.” – Louis Pasteur
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
While the US was open for trading yesterday, most international markets are only reopening from the Christmas holiday today, and the overall tone has been positive as several major Asian markets were up 1% or more overnight. The tone in Europe is also positive, although it has been more subdued. Here in the US equity futures are about as close to unchanged as possible. Treasury yields are lower across the curve and around the world while crude oil is lower and gold and copper are trading higher.
It’s been a great rally for US stocks over the last two months, and more recently over the last week, stocks around the world have been performing just as good if not better than here. While the S&P 500 tracking ETF is up 0.76% over the last week, all but two of the eighteen regional ETFs we track in our Trend Analyzer have performed even better, and more than half of them are further extended relative to the 50-day moving average (DMA) than SPY which is 6.83% above that level. As shown in the image below, all of the 18 ETFs are also uniformly situated relative to their trading range at ‘Overbought’ levels (1+ standard deviation above their 50-DMAs). It’s hard to get more uniform than that!
Regarding each ETF, most of the regional ETFs are also trading right at 52-week highs (charts with green borders) while just four are shy of their one-year highs. It’s been somewhat of a can’t lose environment for equity investors over the last couple of months, and while it won’t last forever, enjoy it while it lasts.
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