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“‎The optimist thinks this is the best of all possible worlds. The pessimist fears it is true.” – J. Robert Oppenheimer

Morning stock market summary

Below is a snippet of content from today’s Morning Lineup for Bespoke Premium members. Start a two-week trial to Bespoke Premium now to access the full report.

After selling off more than 1% in afternoon trading into the close on Friday, US index ETFs are trading slightly higher pre-market with SPY up 20 bps and QQQ up 30 bps.  There is little news to speak of other than a stronger than expected earnings report from Berkshire Hathaway over the weekend that has BRK/B trading up about 1.3% in pre-market trading.

As shown below, only three of the major US index ETFs tracked in our Trend Analyzer tool remain in overbought territory, while the rest are now neutral.  The three that are still just slightly overbought are two small-cap ETFs (IJR, IWM) and the Dow 30 (DIA).  Over the last five trading days, both the S&P (SPY, IVV) and the Nasdaq 100 (QQQ) are down roughly 1.25% — not a big sell-off, but enough to cool things off a bit.

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