I don't think that's too meaningful. Probably a dividend payment or something that looks like a loss, but it will adjust tomorrow.
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tsptalk's Market Talk
- Thread starter tsptalk
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This 1.9% rally in HYG is a huge move for this ETF but you can see that it isn't making much of a dent in this volatility beaten chart. The question is whether this bull flag is a sign of a low in this bear market. This is key for the health of the credit market and the stock market.
Bullitt
Well-known member
IBD calling today a follow through day in Nasdaq. 4/2 was their official call for the DJIA and S&P 500 uptrend, though I'd say today is more in line with a true follow through day.
Problem with CANSLIM investing is not too many breakout candidates amidst the rubble... yet.
Problem with CANSLIM investing is not too many breakout candidates amidst the rubble... yet.
That's what Revshark talked about today - mostly index buying over individual stocks.
This what my recent Market Commentaries have been trying to say. They've destroyed the economy with this shutdown, so new highs are not a possibility any time soon. How could it be? Prices were already historically overvalued.
The economic data is even worse than Wall Street feared: ‘The economy is clearly in ruins here’
https://www.cnbc.com/2020/04/15/the...red-the-economy-is-clearly-in-ruins-here.html
The economic data is even worse than Wall Street feared: ‘The economy is clearly in ruins here’
https://www.cnbc.com/2020/04/15/the...red-the-economy-is-clearly-in-ruins-here.html
Today's rally is an emotional one, triggered by the news of a possible remedy for the virus. Technically analysis-wise, it's a moment of truth for the S&P 500. In 2008 (the 2nd chart) showed several mini breaches of the 50 day EMA (or 200 EMA) that turned out to be fake-outs. A breakout above them is the green light I'd be waiting for but I also have an unofficial 3 to 5 day confirmation rule where any breakout has to hold that long before I trust it. That's where we are now.
A few interesting charts today...
The 10-year yield fell below the support line. If it holds it would be the 2nd lowest close ever.
Despite the free fall in oil prices, the XLE energy sector ETF is holding up surprisingly well.
The high yield bond ETF broke below that bullish looking flag (blue) and that is helping fill the large gap from earlier this month.
The 10-year yield fell below the support line. If it holds it would be the 2nd lowest close ever.
Despite the free fall in oil prices, the XLE energy sector ETF is holding up surprisingly well.
The high yield bond ETF broke below that bullish looking flag (blue) and that is helping fill the large gap from earlier this month.
Sure enough - oil up, stocks up, credit up.
A small gap opened on Monday is being filled today. Still below the 50-day EMA and the larger gap hasn't been filled yet.
rangerray
Active member
OK. I'm busted. It was me. I just put $5,000 into MGM. I'm going to try to make some of the money back they've taken from me over the years.
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