Connect with us

Economics

Russell 2000 Testing Its Precious Recovery High

Commenting on the Russell 2000 testing its precious recovery high and today’s trading Gorilla Trades strategist Ken Berman said: Q2 2020 hedge fund letters, conferences and more Russell 2000 Testing Its Precious Recovery High In Early Trading The major indices are mixed and flat at midday following a choppy but active morning session on Wall […]
The post Russell 2000 Testing Its Precious Recovery High appeared first on ValueWalk.

Published

on

This article was originally published by Value Walk

Commenting on the Russell 2000 testing its precious recovery high and today’s trading Gorilla Trades strategist Ken Berman said:


Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q2 2020 hedge fund letters, conferences and more

Russell 2000 Testing Its Precious Recovery High In Early Trading

The major indices are mixed and flat at midday following a choppy but active morning session on Wall Street. Stocks are holding on to most of their lofty gains from yesterday, and small-caps continue to push higher, with the Russell 2000 testing its precious recovery high in early trading, which is a huge confidence boost for bulls. Fed Chair Jerome Powell called for more stimulus from Congress yet again this morning, playing down the risk of “overdoing” the fiscal measures in the post-lockdown period, as inflationary pressures remain muted.

Despite Boeing’s demand warnings, and the rising number of global COVID cases, the hardest-hit industries surged higher in early trading, as the outlook for the domestic economy remains strong and the number of U.S. infections ticked lower. In economic news, the JOLTS job openings estimate was in line with expectations, edging lower to 6.5 million compared to last month’s reading of 6.7 million, but the measure still points to healthy job creation amid the reopening push. The trade balance hit its widest level since late-2006 amid the weakness in global trade, but currency markets remained stable this morning, with the dollar hovering around its recent two-week low.

Market Wrap

Dow: 28,216, + 67 or 0.2%

S&P 500: 3,407 – 2 or 0.1%

Nasdaq: 11,284, – 48 or 0.4%

Russell 2000: 1,599, + 17 or 1.1%

Market breadth has been relatively strong this morning, with advancing issues outnumbering decliners by a 7-to-3 ratio on the NYSE at midday. Only 6 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 150 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. Cyclical and growth-sensitive issues have been very strong today, thanks to the improving COVID-related sentiment and while the tech and healthcare sectors have been severely lagging behind, the odds of a broad-based rally continue to increase. Stay tuned!

The post Russell 2000 Testing Its Precious Recovery High appeared first on ValueWalk.

inflationary

Author: Gorilla Trades

Economics

Vancouver Arby’s Manager Accused Of Urinating In Store’s Milkshake Mix For “Sexual Gratification”

Vancouver Arby’s Manager Accused Of Urinating In Store’s Milkshake Mix For "Sexual Gratification"

Police have accused an Arby’s manager in…

Continue Reading
Economics

Shipping Around Retail ‘Inflation’

This whole “inflation” scenario isn’t really that difficult to piece together, effect from cause. Sure, Jay Powell’s trying to nuke it by hiking…

Continue Reading
Economics

A “Tsunami of Cash” for Oil Investors

Oil prices have settled in above $100 a barrel … the macro forces that will keep them elevated … U.S. oil companies are minting a fortune at $100+…

Continue Reading

Trending