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“Hidden talent counts for nothing” – Nero

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There’s not a whole lot going on in financial market trading this morning.  Earnings news from the likes of Bank of America (BAC), Morgan Stanley (MS), and Schwab (SCHW) have been better than expected (as has been the case with every other report this morning), but that good news has been offset partially by a sales miss from PNC (the only sales miss this morning).  Trading in Europe has also been subdued with modest gains after a mixed session in Asia.

The economic calendar is jammed packed this morning with Retail Sales (8:30), Industrial Production and Capacity Utilization (9:15), and Business Inventories and Homebuilder Sentiment at 10:00. After the close, the earnings calendar remains quiet, but there will be reports from Interactive Brokers (IBKR), JB Hunt (JBHT), and Omnicom (OMC).

As the market’s rally has started to broaden out, we’ve also seen a modest expansion in the daily percentage of stocks hitting new highs.  The top chart below shows the net daily percentage of S&P 500 stocks hitting 52-week highs, and while the recent peaks in this reading aren’t necessarily strong on a long-term relative basis, they are higher than any other readings in the last year.  We wouldn’t go so far as saying that it’s a broad rally, but it’s also much more than just seven stocks too.

One interesting sector is Financials.  Given the trouble in the bank stocks during the first quarter, the sector has fallen way out of favor among most investors. Even this sector, though, has started to see an expansion in the percentage of stocks hitting 52-week highs and just recently saw the highest percentage in a single day in at least the last 12 months.  Not only has the sector seen more of its components hitting new highs, but it has also routinely closed at its highest levels since March 9th (when SIVB started to implode) over the last two weeks.

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