#stocks #market #rally #sentiment #buy #Biden #Trump
$DIA $SPY $QQQ $RUT $VXX $USO $GLD $DXY $SAVA $AMC $KNIGHTSUSD
“The market caught up with the positive sentiment Monday night, all Key indexes gapped open and headed due North, closing on the highs” — Paul Ebeling
DJIA +560.54 at 35492.70, NAS Comp +360.14 at 15341.07, S&P +81.21 to 4649.23
Tuesday the S&P 500 rallied 1.8% on the buy-the-dip mindset. The DJIA rose 1.6%, the NAS Comp and Russell 2000 outperformed with 2.4% and 3.0% gainers, respectively.
9 of the 11 S&P 500 sectors closed higher, paced by the energy (+2.9%), information technology (+2.6%), consumer discretionary (+2.5%), and financials (+2.0%) sectors with 2-3% gains. The defensive-oriented utilities (-0.2%) and consumer staples (-0.1%) sectors were the laggards.
The market had gotten extremely oversold and as always the Tuesday after a big Southside Monday begat a strong rally. The S&P 500 reclaimed its 50-Day MA at 4614 after closing below that Key technical mark Monday.
- S&P 500 +23.8% YTD
- NAS Comp +19.0% YTD
- DJIA +16.0% YTD
- Russell 2000 +11.6% YTD
The Key Commodities
WTI crude futures settled higher by 3.6%, or $2.45, at $71.11/bbl, Gold futures settled $5.90 lower (-0.3%) to $1,788.70/oz, and the US Dollar Index is flat at $96.55.
The big winner Tuesday was Cassava Sciences (NASDAQ:SAVA), trading up by 18.77% on the day,
Just before the open the company released further reviews denying alleged company manipulation of a report on trial results of Cassava’s Alzheimer’s treatment. Shares were halted for half an hour before trading resumed at 10:00 a.m. with an opening price of $52.40, an increase of 42.5% over Monday’s closing price. A 2nd halt just after trading in the shares opened was lifted after 5 mins.
Some retail investors were looking for short sellers to feel the squeeze. A WallStreetBets member commented: “It’s pretty crazy, they’re [i.e., hedge funds] still not covering. All these people chasing short squeezes in garbage companies, SAVA is the real thing.”
AMC Entertainment Holdings Inc. (NYSE:AMC) traded up 2.02% Tuesday on no specific news. The company continues to ride the wave of exuberance following the giant weekend opening of the new Spider-Man film.
Stablecoins are a rapidly developing digital asset, and Americans are at an inflection point. Many of us want to embrace stablecoins and use them to improve both the financial system and our competitive standing in the world.
Others, particularly those working for legacy institutions – want to stop stablecoin innovation in favor of a CBDC (central bank digital currency) built and controlled by the federal government. Read my dissertation here.
The US Economy
- The Current Account Balance for Q-3 totaled $214.8-B The Q-2 deficit was upwardly revised to $198.3 from $190.3-B.
Looking Ahead: Investors will receive the Conference Board’s Consumer Confidence Index for December, Existing Home Sales for November, the 3rd estimate for Q-3 GDP, and the weekly MBA Mortgage Applications Index Wednesday
President Trump (45) reflects the views of likely voters more than Mr. Biden, according to a new national Rasmussen Reports poll.
Of likely voters polled, 44% chose President Trump while 31% picked Mr, Biden when asked, “Which of the following politicians most represents your political views?“
Have a prosperous Christmas Holiday week, Keep the Faith!