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January 30 – February 5, 2022 FEAR NOT Brave Investors Where have we been and where are we going? Join our weekly market thread on Traders Community…
[See the full post at: Traders Market Weekly: Fear and Greed in Las Vegas.]Here we go :
The global equity markets are mostly higher to kick off the week. Although the Nasdaq Futures are up about 0.5%, S&P Futures are down slightly to trade around the 4420 area. Spoos were range-bound during the overnight action, putting the low in early at 4402.75. The high was established toward the end of the Asian session at 4437.50.
In Asia, Japan rallied over 1%. Traders seemed to take a collective sigh of relief after Prime Minister Fumio Kishida refrained from declaring a state of emergency in Tokyo over the weekend. Shipping stocks were among the best-performing groups with names such as Mitsui O.S.K. Lines, Kawasaki Kisen Kaisha and Nippon Yusen rising 7-10%. China was closed for Lunar New Year holiday.
In Europe, the major bourses are higher. These markets are experiencing broad-based strength. Financials are among the leaders with lenders such as Commerzbank, Deutsche Bank and BNP Paribas up 1-2%. Automotive stocks are pacing the way as well with the likes of Volkswagen, BMW and Daimler up 1%.
S&P Futures vs Fair Value: 0.0
10 yr Note: 1.784%
USD/JPY: 115.46 +0.24
EUR/USD: 1.1177 +0.0028
Europe: FTSE: +0.1% DAX: +1.0% CAC: +0.5%
Asia: Hang Seng: +1.1% Shanghai: CLOSED Nikkei: +1.1%
Gold (1790.00 +3.40) Silver (22.54 +0.24) Crude (87.37 +0.55)Led by Tesla, the consumer discretionary sector (+2.0%) is today’s best-performing sector followed by information technology (+1.4%). The influence of the mega-cap stocks shines through in the performance gap between the Vanguard Mega-Cap Growth ETF (MGK 235.17, +3.85, +1.7%) and the Invesco S&P 500 Equal Weight ETF (RSP 153.90, +0.62, +0.4%).
The Russell 2000 is up 0.9% and the Dow Jones Industrial Average is up 0.1%.
Analyst upgrades of Tesla (TSLA 904.54, +58.20, +6.9%), Netflix (NFLX 415.98, +31.62, +8.3%), Spotify (SPOT 190.26, +17.28, +10.0%), and Beyond Meat (BYND 63.32, +6.67, +11.8%) helped set the growth stock rebound tone.
Month-end rebalancing activity following the sharp losses and, dare we say it, a fear of missing out on further rebound gains have also catalyzed today’s gains.
Big movers:
Enphase Energy (ENPH 136.80, +12.94, +10.5%): best performer in the sector, rising to a ten-day high.
Xilinx (XLNX 190.00, +12.05, +6.8%): rising to a ten-day high.
AMD (AMD 112.19, +6.95, +6.6%): rising back above its 200-day moving average (109.38).
NVIDIA (NVDA 239.63, +11.23, +4.9%): rising to a ten-day high.
Fortinet (FTNT 295.34, +13.18, +4.7%): rising back above its 200-day moving average (284.67).
PayPal (PYPL 170.57, +7.05, +4.3%): rising to a ten-day high.
ServiceNow (NOW 580.31, +19.23, +3.4%): rising to its 200-day moving average (589.12).
Broadcom (AVGO 577.82, +17.72, +3.2%): rising toward its 50-day moving average (600.37).
Intuit (INTU 548.76, +13.94, +2.6%): rising back above its 200-day moving average (539.75).
Micron (MU 81.11, +1.84, +2.3%): rising back above its 200-day moving average (79.42).
Apple (AAPL 172.79, +2.46, +1.4%): climbing to a two-week high.
CDW (CDW 187.02, +2.49, +1.4%): rising back above its 200-day moving average (185.22).
Cisco Systems (CSCO 55.64, +0.03, +0.1%): rising to its 200-day moving average (55.87).
Visa (V 225.41, -2.60, -1.1%): slipping back to its 200-day moving average (225.04).
Citrix Systems (CTXS 101.66, -3.90, -3.7%): weakest performer in the sector, returning into the lower half of its range from Friday after finding resistance at its 200-day moving average (105.22). Company beat Q4 expectations and agreed to be acquired by affiliates of Vista Equity Partners for $104/share.WALL ST bulls sing SONGS of celebration from 1 of greatest 1980s “glam” groups
as market seems to bottom for now — or at least we hope 🙂In Asia, Japan picked up 0.3%. With China and Hong Kong closed for Lunar New Year, the Nikkei saw a modest advance on lower than normal volume. Semiconductors outperformed the benchmark with names such as Tokyo Electron and Advantest rising 1-2%. TDK was among the top gainers, advancing 11% after the company raised its profit forecast.
In Europe, the major bourses are echoing the tone seen from the US on Monday. These markets have managed to maintain a bid despite a sizeable miss from German Retail Sales. The December print fell 5.5%, well below the consensus of -1.4% and reversing the 0.8% reading in November. Financials are stronger with UBS leading the way. The Swiss lender is up 6% after after posting better than expected Q4 results. Banking peers such as Barclays, Commerzbank, ING and Lloyds are trading over 1% higher in sympathy.
The global equity markets outside of the US are higher, while the US futures are slipping back. S&P Futures are down about 14 points to trade around the 4490 area.
Spoos traded in a narrow range throughout the Asian time frame and expanded once Europe got underway. The high currently resides at 4514.50 while the low rests at 4478.75.
Dow 35,405.24 273.38 0.78%
S&P 500 4,546.54 30.99 0.69%
Nasdaq 14,346.00 106.12 0.75%
GlobalDow 4,213.72 56.43 1.36%
Gold 1,802.20 5.80 0.32%
Oil 88.32 0.17 0.19%S&P Futures vs Fair Value: +32.0
10 yr Note: 1.785%
USD/JPY: 114.41 -0.28
EUR/USD: 1.1294 +0.0021
Europe: FTSE: +0.8% DAX: +0.5% CAC: +0.5%
Asia: Hang Seng: CLOSED Shanghai: CLOSED Nikkei: +1.7%
Gold (1802.90 +1.40) Silver (22.82 +0.22) Crude (88.42 +0.22)Overnight Summary — World markets extend rally
The global equity markets are marching higher. S&P Futures are up about 35 points to trade around the 4570 area. It was another night in which Spoos traded in a narrow range throughout the Asian time frame before expanding once the European session got underway. The overnight range saw the low established at 4547.00 while the market is sitting just off the high of 4575.00.
In Asia, Japan saw a robust 1.7% rise. The Nikkei took its cue from Wall Street’s move on Tuesday and saw its winning streak hit three days. Nomura led financials higher, responding with a 7% advance following its third quarter update. Sony rose 5% ahead of its earnings. After the bell, the company reported better than expected results while reaffirming its fiscal year outlook. China and Hong Kong remained closed for the Lunar New Year holiday.
In Europe, the major bourses are echoing the tone seen in the US and Japan. With a light slate of economic data, corporate earnings took center stage. Novo Nordisk is up 3% after releasing fourth quarter results. Vodafone is also trading 3% better after providing a third quarter trading statement. Energy names, BP and Shell, are seeing some profit taking. Both stocks are off by about 1% after their recent run higher.
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