by Tyler Durden
Monday, Apr 26, 2021 - 07:00 AM
Dow Transports have rallied hard so far this year as hopes of a post-COVID-19 rebound in global travel have been stoked by the advent of the first generation of vaccines (even though they haven t done much to prevent a potentially mutant-driven rebound in India that is eclipsed anything seen before in terms of mortality). But as we have pointed out, new travel advisories in the US have prompted some analysts to reconsider the odds of a rapid recovery in international travel, envisioning a world of vaccine passports that puts even more pressure on global tourism.
Bitcoin Stabilizes, COVID Update, Earnings So Far, Apple Event The marketplace responded well to the first week of earnings season, or should we say what we saw beyond the banks that dominated.
Apr 19, 2021 | 07:40 AM EDT Good, better, best. Never let it rest. Til your good is better and your better is best.
- St. Jerome of Stridon
Rough Roads?
Not that the performance is or has been bad. Far from it. What the road is, is bumpy, with twists, turns and intersections at crossroads with no road signs. Hate that. Still better than a straight punch in the mouth when you are looking the other way. Sunday night has long since said its goodbyes. Monday morning is official, yet, first we must traverse what most folks refer to as the wee or zero dark-thirty hours in military jargon.
One Key Market Index Refuses to Join the Party As more new closing highs are registered, one index is still not in an uptrend.
Apr 19, 2021 | 10:04 AM EDT
The bulk of the major equity indices closed higher Friday with only the Dow Jones Transports posting a loss.
Internals were positive on the NYSE and negative on the Nasdaq.
The S&P 500, DJIA, Nasdaq 100, MidCap 400 and Value Line Arithmetic Index all made new closing highs.
All but the Russell 2000 (see below), which is neutral, remain in near-term bullish trends and lacking sell signals.
Market breadth, however, remains split with the All Exchange and NYSE cumulative advance/decline lines positive and above their 50-day moving averages while the Nasdaq s is negative and below its 50 DMA.
Source: Bloomberg
On the week, all the other majors were up around the same level (around 1.2-1.4%) despite lots of intra week variance until the last few minutes saw weakness. Nasdaq and S&P were the week s winners, Small Caps lagged.
While the bond bear battering stole some headlines this week, it was Coinbase s listing that dominated. until it started to fade.
And at the same time, we note all the other Bitcoin proxies also slipped lower. with MSTR down over 16%
Source: Bloomberg
Source: Bloomberg
Source: Bloomberg
The 10Y yield dropped around 8bps this week (after falling 6bps last week), back to one-month lows.