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“No story has power, nor will it last, unless we feel in ourselves that it is true” – John Steinbeck
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
It’s looking like a modestly positive open for stocks to kick off the day with the Nasdaq leading the way higher, but the real star of the morning has been Bitcoin where prices are up another 4%+ and briefly topped $57,000. The tone in Asia was also positive after some weakness to kick off the week. In China, 30-year yields dropped to a record low of 2.52% as economic concerns weigh on the country even as the ‘national team’ has been buying up stocks. The tone in Europe has been more mixed but still mostly positive.
Here in the US, Durable Goods Orders will be released at 8:30, and then at 10 AM we’ll get the release of the Richmond Fed and Consumer Confidence reports.
Last Thursday, 2/22, was the largest one-day gain for the S&P 500 in over a year, and while breadth was strong, the S&P 500’s advance-decline (A/D) line finished the day at +399 just shy of the threshold for an all-or-nothing day (days where S&P 500’s daily net A/D reading is at or above +400 or at or below -400) . Through yesterday’s close, 38 trading days into the year, the S&P 500 has yet to have an all-or-nothing day this year. If it doesn’t have one today it will go down as the latest into a year that the S&P 500 has gone without an all-or-nothing day since 2017 and the third longest since 2008 when ETF volume exploded in the post-financial crisis period.
While it is uncommon for the S&P 500 to go this long into a year without an all-or-nothing day, the current streak of 43 trading days without one hasn’t necessarily been strong relative to history. As recently as last August there was a longer streak of 49 trading days, and before that, there were multiple streaks that were longer including a 115-trading day streak that ended in February 2018 with the “Volmageddon” episode.
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