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As shown on the first page of our Morning Lineup today, there has been a ton of economic data to contend with, so we won’t go over it all here. The key (and most timely) report we would highlight is jobless claims. This morning’s reading came in at 2.123 million, which was a bit higher than expectations (2.1 million) but down from last week. In no means do we want to sugarcoat this report; 2 million claims is a ridiculously high number. We can take some solace in the fact that claims are moving in the right direction, though. This week’s reading was the 8th straight w/w decline, which is the longest such streak of declines on record (going back to 1962).
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, news in global markets, global and national trends related to the COVID-19 outbreak, and much more.
In a post yesterday, we highlighted the fact that there were only four stocks in the entire S&P 500 that were more than 5% below their 50-day moving average. With so few stocks below their 50-DMA that also leaves a limited supply of candidates to be oversold (more than 1 standard deviation below their 50-DMA), and as of yesterday’s close, there were actually zero stocks in the S&P 500 that were trading at oversold levels. That is not only the first time in at least a year that there were no oversold stocks in the S&P 500, but based on a quick scan of our database going back to 2007, there has never been another time when no stocks in the S&P 500 were oversold. Conversely, the last time more than 70% of stocks in the S&P 500 were overbought (as is the case now), was back in February 2019.