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Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.
- The S&P 500 is up 2.7% through the first five trading days of the year, which has tended to lead to gains for the rest of the year as well.
- Most global markets are in the green.
- Gold is retreating from three-month highs.
Good Morning! Your “Stat of the Day” – With Yesterday’s gains, The SPX is up 2.7% in the first 5 days of 2018. The Last 15 times that happened, the Spoos closed the year higher 100% of the time with avg gains of almost 20% notes the bloggers. Futures are mixed to start today tho, with Nasdaq and Dow in the Green, but those smallcaps continue to lag. It’s all Green in Europe, with the DAX up small – Cyclicals remain in rally mode – Tech names opened well bid, but seeing profit-taking as session winds on – Miners having a good day, while Siemens is leading Industrials higher – Telecom jumping behind Altice, While Banks rallying behind BNP. FTSE is up40bp, enjoying the weaker Pound, as the heavily-shorted Supermarkets strong are behind Morrison’s. In Asia, Nikkei up 50bp to 26Y highs – Hang Seng added 40bp as Chinese Banks rallied – Shanghai added small – KOSPI off small despite the kumbaya with the North as Samsung stumbled – Fresh multiyear highs seen in Australia, Singapore and Malaysia, while India’s Sensex kissed a record high
The US 10YY is getting rejected from a early 2.5% test, while eyes were on JGB’s weakening, while the Yen is catching a bid as BoJ trims Bond Buying. Strong German Industrial numbers can’t help Euro, which is breaking towards $1.19 in a hurry, while Sterling is under pressure on UK Minister Reshuffle. With the Dollar moving towards 2018 peaks, Gold is retreating from 3M highs. Ore adds 1% to 4month highs while Zinc hits 10Y highs in London – Helping Copper climb 50bp, but Platinum is breaking 1% lower. A bid across the Energy complex, with WTI up 50bp and trying to get upside $62 – but Natty is finally showing some life, bouncing 2.5% early.