DJIA Posts Another Record High
$DIA, $SPY, $QQQ, $VXX
The US major stock indexes finished mixed with the DJIA marking another all-time high, with the S&P 500, and NAS Comp off a bit on profit taking.
Seeing a little bit of pull-back on some of the tech stocks for the last few days. I think it is just a matter of the fact that they have had a very strong run, and some money is coming off of the table in this stron Bull run,
Particiapants have been counting on earnings to support the relatively high valuations for equities, with the S&P 500 trading at about 18X earnings estimates for the next 12 months, above its long-term average of 15X.
Of the 289 S&P 500 companies that reported results until Friday, 73% of them beat analyst expectations. This is above the 71% average over the past 4 Quarters, according to Thomson Reuters I/B/E/S.
6 of the 11 major S&P sectors opened lower, with the information technology’s 2.3% decline, making it the biggest dragger Monday
On data front, contracts to buy previously owned homes rebounded in June after 3 straight monthly decliners.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, jumped 1.5% to a reading of 110.2.
Crude Oil prices rose Monday, putting July on track to become the strongest month for the commodity this year.
Monday, the US major stock market indexes finished at: DJIA +60.81 at 21891.12, NAS Comp -26.55 at 6348.09, S&P 500 -1.80 at 2470.26
Volume: Trade on the NYSE came in heavy at 1.1-B/shares exchanging hands.
- NAS Comp +18.3% YTD
- S&P 500 +10.3% YTD
- DJIA +10.7% YTD
- Russell 2000 +5.3% YTD
|HeffX-LTN Analysis for DIA:||Overall||Short||Intermediate||Long|
|Very Bullish (0.51)||Very Bullish (0.61)||Bullish (0.38)||Very Bullish (0.54)|
|HeffX-LTN Analysis for SPY:||Overall||Short||Intermediate||Long|
|Bullish (0.25)||Bullish (0.28)||Neutral (0.23)||Bullish (0.25)|
|HeffX-LTN Analysis for QQQ:||Overall||Short||Intermediate||Long|
|Neutral (0.10)||Neutral (0.08)||Neutral (0.17)||Neutral (0.06)|
|HeffX-LTN Analysis for VXX:||Overall||Short||Intermediate||Long|
|Bearish (-0.42)||Bearish (-0.40)||Bearish (-0.40)||Bearish (-0.46)|