The Friday Wrap

The Friday Wrap

Macro: U of M Consumer Sentiment Beat.
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1) Hard to say what the market did today.  Every index tells a different story.  The S&P 500 (what most traders refer to as “the market”) closed virtually unchanged.  The Nasdaq Composite gave up 5/8 of a percent, while the Russell 2000 gave up a quarter of a percent in the midst of it’s re-weighting.  In case anyone out there still follows the DJIA,that average gained a third of a percent on the day thanks to the surge in NKE, thus proving it’s own illegitimacy as a measure of market performance.  Why the media beats that drum, I’ll never know.
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2) Trading volume was very heavy today, supported by the Russell Rebalance.
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3) Utilities had a nice day, particularly Gas Utilities, while Tech stocks got the beat-down led by the 18% obliteration of MU.
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4) Treasuries gave up some turf today, with the US 10 year inching it’s way back within sight of 2.5% yields.