Sit Tight to Wait and See

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Commentary Analysis

  • Market Moving Event: News and information normally regarded as market drivers had little impact today. The overwhelming majority of companies reporting positive earnings surprises nor the upbeat housing and consumer confidence data were enough to move the needle. That’s simply because tomorrow afternoon’s FOMC monetary policy announcement and Apple’s (AAPL) earnings report after the close will set the path for the market direction. Until then, sit tight to wait and see.
  • US Equities:The major indexes, with exception to the Russell-2000 (IWM), all closed in slightly negative territory. Beneath the surface, signs of strength emerged in Energy (XLE), Financials (XLF) and Industrials (XLI).
  • Large-Cap Volume Surgers:
    • United Parcel Service (UPS) +10.42% on 324% volume surge
    • Centene Corp (CNC) -7.11% on 219% volume surge
    • Otis Worldwide Corp (OTIS) +3.58% on 135% volume surge
    • New York Community Bancorp (NYCB) +1.68% on 114% volume surge
    • Eli Lilly and Co (LLY): -2.68% on 93% volume surge
  • Small-Cap Volume Surgers:
    • Sorrento Therpt (SRNE) +37.46% on 2136% volume surge
    • Novavax Inc (NVAX): +16.33% on 120% volume surge
    • Cassava Sciences Inc (SAVA) +6.05% on 46% volume surge
    • Site Centers Corp (SITC) -0.73% on 33% volume surge
  • Bond Rates: The 10-Year Treasury yield closed @ 1.62 (+0.05bps / +3.18%).
  • Cryptocurrencies: The correction in Bitcoin (GBTC) and Ethereum (ETHE) appear to be over. Both are confirming bearish reversals and after last week’s selling.
  • Economy:
    • S&P/Case Shiller Home Price Index (HPI) Composite for Feb-2021 (y/y) @ 11.9% vs estimates @ 11.7% and prior @ 11.1%.
    • CB Consumer Confidence (Apr-2021) @ 121.7 vs estimates @ 113.0 and prior @ 109.0.

ETF Daily Market Performance Summary: 27-April-2021

etf daily market summary for stocks, bonds, currencies, cryptocurrencies, commodities, real estate, and equity sectors
Click to enlarge

Market Diary: 27-April-2021

market diary summary for NYSE and Nasdaq exchanges: advancers, decliners, new highs and new lows, plus mega-cap market breadth
(Click table to enlarge)

Covid19 Global Status Update: 7-Day Average for New Cases

  • Globally, the 7-day moving average for daily new cases is 827,337 vs last week @ 807,376, or a +2.47% increase.The top 10 account for 581,289 or 70.26% of today’s 7-day average for daily new cases. Last week, they represented 539.905 or 66.87% of the total 7-day average. Today’s number reflects a +7.67% increase for the top 10 with respect to the 7-day average for daily new cases.
  • A glance at the table below can be misleading because it shows that a majority 7 out of the top 10 countries reported a decline in new cases. Obviously, India’s high infection rate is disproportionately impacting the data, which further underscores that if the world is not safe from Covid then nor are individual countries. The global economy is delicately balanced on interdependent relationships and no country can fullly recovery without a global recovery.
Global Status update table summary for Covid19: 7-day average for daily new cases in top 10 countries

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