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“It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
Nasdaq futures are leading the way higher this morning as yields stabilize. Crude oil is also rebounding and bitcoin is on the rise as we head into the final week of the quarter.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events from the US and around the world, including a discussion of Intel’s announcement last night, an update on the latest Markit flash PMI readings for the month of March, equity performance in Asian benchmark indices, the latest US and international COVID trends including our series of charts tracking vaccinations, and much more.
Tuesday was a brutal day for the Russell 2000 as it fell more than 3.5% for its worst day in nearly a month. With that decline, the small-cap benchmark also closed below its 50-day moving average for the first time since the end of October.
At 96 trading days, the Russell 2000’s streak of closes above its 50-day moving average was the second streak of more than 90 trading days in the last year and also the longest streak in a decade (March 2011). As shown in the chart below, while streaks of 90 or more trading days have been relatively uncommon in the last decade, prior to that there were numerous streaks lasting much longer than 100 trading days.