The Trump Rally Extends, S&P 500 Posts Another Record High

The Trump Rally Extends, S&P 500 Posts Another Record High

The Trump Rally Extends, S&P 500 Posts Another Record High

$DIA, $SPY, $QQQ, $VXX

Along with the S&P, the DJIA posted its 4th straight record close, the NAS Comp closed at a high for a sixth day running.

MSCI’s all-country world index edged up 0.08%. Europe’s broad FTSEurofirst 300 index slipped 0.04%to snap a 5-session winning streak.

Financial sector stocks lifted the S&P 500 to a record closing high for a 4th session running Tuesday, the USD strengthened as Fed Chairwoman Janet Yellen struck a “Hawkish” tone on the timing of an interest rate hike.

Ms. Yellen jawboned the US Senate Banking Committee the central bank will likely need to raise interest rates at an upcoming meeting, although she expressed caution about the considerable economic policy uncertainty under the Trump Administration.

Ms. Yellen’s hawkish tone dovetailed with recent comments from other Fed officials speaking publicly Tuesday

Do not expect a rate rise at the March FOMC meeting.

Thomson Reuters data shows traders see a 17.7% chance of a 25-bpt hike in rates at the Fed’s  March meeting.

Financial stocks moved higher following her remarks and closed up 1.2%, as the best performing sector of the S&P 500. Utilities and Real Estate, which tend to weaken in a rising rate environment, ended down 0.7 and 0.5%, respectively.

The Fed signaled in December that it expected to raise rates 3X in Y 2017.

The Buck reversed course after Ms. Yellen’s comments and was up 0.3% after touching a 3 wk high of 101.38 Vs a basket of peer currencies.

Tuesday, the US major stock market indexes finished at: DJIA +92.25 at 20504.41, NAS Comp +18.62 at 5782.59, S&P 500 +9.33 at 2337.58

Volume: Trade on the NYSE came in at about 950-M/shares.

  • NAS Comp +7.4% YTD
  • S&P 500 +4.4% YTD
  • DJIA +3.8% YTD
  • Russell 2000 +2.9% YTD
HeffX-LTN Analysis for DIA: Overall Short Intermediate Long
Bullish (0.29) Neutral (0.19) Bullish (0.31) Bullish (0.36)
HeffX-LTN Analysis for SPY: Overall Short Intermediate Long
Bullish (0.34) Bullish (0.25) Bullish (0.48) Bullish (0.28)
HeffX-LTN Analysis QQQ: Overall Short Intermediate Long
Very Bullish (0.58) Very Bullish (0.54) Very Bullish (0.67) Very Bullish (0.54)
HeffX-LTN Analysis for VXX: Overall Short Intermediate Long
Bearish (-0.35) Bearish (-0.31) Very Bearish (-0.70) Neutral (-0.03)

Stay tuned…

 

 

 

 

 

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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