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“I buy when other people are selling.” – J. Paul Getty
It’s safe to assume then that Mr. Getty hasn’t been buying much lately. Futures are higher again this morning putting the S&P 500 on pace for its fourth positive week in the last five, but in order to get there, we’ll have to get through the November jobs report. There have been some concerns about the health of the jobs market lately, but secondary indicators we track have been holding up relatively well.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a discussion of the latest OPEC talks, factory orders in Germany, an update on the latest national and international COVID trends, and much more.
We’ve illustrated the positive breadth in the market in a number of different ways lately, but here’s another. For the last few days now, all 24 of the S&P 500’s Industry Groups have been trading above their 200-DMA. Looking back at the last five years, that doesn’t happen all that often. The last time there was such a high reading was at the start of the year on January 2nd. While the year may be on pace to finish right where it started in terms of breadth, it was far from a straight line as this reading went from 100% down to 0% and back to 100%. You can’t get any wider of a range than that!