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“Success is having to worry about every damn thing in the world, except money.” – Johnny Cash

Morning stock market summary

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Equities are picking up right where they left off on Friday as futures have been gaining ground all morning.  Even the Nasdaq is trading higher despite the disclosure over the weekend that Berkshire Hathaway has cut its stake in Apple (AAPL) by 13%.  The stock was down over 1% earlier but has erased most of its pre-market losses. There’s very little in the way of economic data to look forward to this week, but there are still plenty of earnings reports to deal with even though, we’ve passed the peak of the Q1 reporting period.

The S&P 500 eked out its second positive week in a row, and the Nasdaq and Russell 2000 each squeezed out their second week in a row of 1%+ gains.  Despite the gains, the S&P 500 still closed the week modestly below its 50-day moving average.  If you look at the snapshot of US indices from our Trend Analyzer below, all the major US index ETFs closed out the week clustered right around their 50-day moving averages (DMA).  No ETF is more than 0.70% above or below its 50-DMA.

While the indices are all “walking the line” of their 50-DMAs, there’s a little more dispersion at the sector level.  Four of eleven sectors are trading at least 1% above or below their 50-DMA.  Utilities and Real Estate are the two highest-yielding sectors in the S&P 500, but they have moved in opposite directions this year. As of Friday, Utilities was the most extended relative to its 50-DMA while Real Estate was the furthest below. Besides those two sectors, Health Care and Consumer Staples are the two other sectors trading further than 1% from their 50-DMAs.

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