See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week free trial to Bespoke Premium. CLICK HERE to learn more and start your free trial.
“Money is made by sitting, not trading.” – Jesse Livermore
Futures have been higher all morning driven by solid earnings results from some of the largest banks. In addition to the earnings results, we just got a slug of economic data in the form of Jobless Claims, Retail Sales, Empire Manufacturing, and Philly Fed Manufacturing. As “Crazy Eddie” would say, the results were “Insane”. With the exception of Continuing Claims, which still came in right near their post-pandemic lows, every other report came in much stronger than expected. It’s still early, but what could be more impressive than the results themselves is the fact that the yield on the 10-year is actually lower now than it was before the releases.
Read today’s Morning Lineup for a recap of all the major market news and events including a recap of the biggest overnight events including some key earnings reports, international inflation data, as well as the latest US and international COVID trends including our vaccination trackers, and much more.
As shown on page two of our Morning Lineup, the S&P 500 has been consistently trading in ‘extreme’ overbought territory in recent days (2+ standard deviations above its 50-DMA). Yesterday marked the 9th straight trading day that the S&P 500 finished the day in this area marking the longest streak since January 2018 and just the 7th streak of nine or more trading days.