Basically kind of bouncing around. There is a lot of concern as to where this rally can go based on the fundamentals with the economy and corporate earnings. Caroline the economy, corporate earnings, this is exactly what Bloomberg Intelligences Gina Martin Adams has been talking about. The second phase of the recovery will be slower, choppy or. We have real earnings progress to underpin some of these numbers. Today, we got a little bit more betterthanexpected Consumer Confidence data. Taylor driving valuations on the s p 500. One of the first times in a very long time where the s p trading at a valuation is higher than the stocks index. Typically, those chipmakers have been so overvalued. Refocusing back here just on the u. S. Is really led that market higher. Romaine when we talk about risk assets, we look at some of the havens. Gold at one point today traded above 1800. Having one of its best quarters ever. Treasuries have been kind of range bound over the last couple of months. Year
We are getting out of equities and bonds. They are getting out of crude. They are all just going into dollar, the dollar being another safe haven here. Caroline certainly the dollar remains the haven of choice. It is interesting whether we are talking about an inflationary or deflation area cycle as sherry was pointing out. Volumes have been very much on the thin side today, and people have been taking a step back on the risk on and risk off folk us. Volumes in the s p 500 remain. Romaine i am glad you brought up the volumes. That is something we should have talked about a bit more. The price action over the next couple of days may not be completely reflective of economic sentment, but it could cause a lot of problem for folks depending on the side of the trade you are on. Caroline lets take it back out to sherry paul now. Sherry, the big expiration as for the hearing from that coming up. Volatility s of and you are saying to remain committed. The dollar remains stronger as taylor poin
Today, a dose of reality whether fed allrld bank, oecd, worrying about the economy. Virus upticks in texas, california, worries about a second wave. Now . Ne where are we taylor take a look at this. You and i have been talking about how key this previous resistance was, now becoming a new support level. We blew through that, down now 3 the s p 500, closing at ,002. That clearlyaying this is not a good sign. He was hoping for that moving average to provide some key support. Now that you have fallen through it, a little bit of a dip. New resistance line clearly on the bottom of the screen. Ofht back to an rsi reading 50. You mentioned the travel and leisure stocks. This is a oneday move. Carnival, macys, delta. The minute we woke up this morning, the entire narrative changed in an instant. Wells fargo, off 9 yesterday, off 9 today, the worst two days going back since march. We will hear tomorrow on lowering her Dividend Forecast for wells fargo. Who will have to see how some of the other
With erasingirting its gains. I well then drum again. 50 higheralmost volumes than usual. 21 higher. The commitment to the rally remains. Romaine we did see some precipitate dissipation. Microsoft and apple. ,oving deeper into the green amazon. Taylor participation from fallen angels, exactly what fed chair Jerome Powell wanted. The yield options adjusted spread, the sector has been the best performer of all of the highyield market. Since going back since the beginning of the year. Deutsche bank saying that the bb s trading above prepandemic levels. I want to take a look at some of those individual movers we are talking about. Casino stocks up 7 . Bank of america, as you have been mentioning, upgrading alaska and jetblue, saying that the leisure rebound is real. Saying that jetblue is a pure play on the recovery. Amazon, Online Shopping has been the biggest winner from this pandemic. Atally, we will take a look another chart inside my terminal. Caroline, i made this just for you. Globa
The tech index on the s p 500, you can see that reflected in the nasdaq losing at another record high. Not only do we have amazon and apple and nvidia higher, but tesla, people had turned their back on it a year ago, impressing all the way. Taylor i should have been the buyer at take private share price is where i shouldve been. One other comment about this market, financials. Citigroup is up 6 , wells fargo off 2 or so. 9 area really getting a lot of financials, particularly consumer facing stocks off 5 . A bank off something up to 9 certainly catches my attention, as we have been talking about this rotation into the valley naturals the financials. A reversal today. Caroline it really is when you are seeing the bond crescendo across the board. 10year yield down almost nine basis points. This is feeling into the pain today. Citigroup private Bank Investment officer, going to see so much continued bond buying from the fed . If you think about it, you have got two contradictory forces. O