Without Data, What Else Can One Expect?

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Commentary Analysis

  • Market Moving Event: Core Durable Goods Orders were today’s only major data. Since they aligned with expectations, the market lacked a catalyst to drive stock indexes notably higher or lower. Therefore, a flat day and contracting volume were somewhat expected. Yet, there is always tomorrow or the day after, which will be exactly the case as @ 100 SP-500 constituents report earnings over the next two days. If that is not sufficient, then look to this Wednesday’s release of FOMC minutes.
  • US Equities:The Russell-2000 (IWM) led all US equity indexes and cleared a 3-week resistance level with a bullish breakout. The SP-500 (SPY) recorded a new high. The Nasdaq-100 (QQQ) continues to consolidate its uptrend but has potential for another upleg as Technology (XLK) stocks resume their advance. Although the DJ-30 Industrials (DIA) lagged and finished the day in negative territory, the trend remains under bullish consolidation.
  • Economy: US Mar-2021 Core Durable Goods Orders (m/m) @ 1.6% vs estimates @ 1.6% and prior @ -0.3%; and Durable Goods Orders (m/m) @ 0.5% vs estimates @ 2.5% and prior @ -0.9%.
  • Bond Rates: The 10-Year Treasury yield closed @ 1.57 (+0.03bps / +0.19%).
  • Large-Cap Volume Surgers:
    • New York Community Bancorp (NYCB) +4.50% on 288% volume surge
    • Otis Worldwide (OTIS) +7.00% on 140% volume surge
    • American Express (AXP) +4.16% on 48% volume surge
    • Amazon.com Inc (AMZN) +2.04% on 46% volume surge
  • Small-Cap Volume Surgers:
    • American Eagle Outfitters (AEOS) -6.18% on 107% volume surge
    • Sorrento Therpt (SRNE) +10.67% on 20% volume surge

ETF Daily Market Performance Summary: 26-April-2021

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

Market Diary: 26-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)

Sidebar Note: Freeport McMoran (FCX) –> upside opportunity

  • Today, High Grade Copper Futures (/HG) broke out to a new 9 1/2 year high. If the anticipated economic recovery is legitimate, then no one would know better than “Dr. Copper”. The industrial metal is notoriously accurate as a leading indicator for changes in economic growth or contraction.
  • Freeport McMoran (FCX), the world’s largest publicly traded copper miner, made a new 1-month high and is currently testing resistance near the July-2014 high @ 39.32, which it should easily clear before the close of the week.
  • Copper, the commodity, has no real resistance after 4.46, its Feb-2011 high. If it clears this level, there is a high probabilty that FCX will continue advancing towards historical resistance levels @ 43.82 and then 48.96. The stock represents a viable opportunity for exposure to the global economic recovery investment theme.

Covid19 Global Status Update: Weekly Infection Rates

Globally, the weekly infection rate of new cases jumped 6% to 5.443mm. India, which still suffers from extremely high rates, is starting to show a deceleration in the spread of Covid19. The USA and economically strategic countries in Europe, e.g. Germany, France, Turkey and Poland (not shown below) are also beginning to improve and enliven prospects for a global rebound..

WorseningImproving
India @ 1.628mm (+42%)
Colombia @ 114.2k (+5%)
Peru @ 54.5k (+11%)
Pakistan @ 35.9k (+9%)
Japan @ 28.1k (+15%)
USA @ 488.2k (-16%)
Brazil @ 456.3k (-14%)
Turkey @ 420.0k (-18%)
France @ 229.6k (-10%)
Iran @ 167.9k (-7%)

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