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Strategies & Market Trends : General market lab and commentary
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: Robohogs who wrote (245)3/7/2016 2:27:53 AM
From: Robohogs  Read Replies (1) of 668
 
Stuff:

  1. Brazil up 20% so far in March AND same YTD
  2. Russia and Canada - two oil mkts - both up YTD
  3. S&P Midcap up YTD with SPX 500 and small caps just down now
  4. EEM also up YTD along with BRIC
  5. Value up YTD - Midcap, small cap and Dow divvies
  6. SPX 500 equal weight flat
  7. Financials and healthcare getting killed still but rest of sectors barely down or up

With SPY now 7% away from ATH, 5% with dividends, and a full 10-11% off lows, we are now closer to the highs than the lows. Yet, most keep treating the market as if it is in a world of hurt (4 2 letter i words in a row!). QQQ and broader indices still have more work to do, although QQQ is closer to high than low too.

Jon

PS We are as overbought as I have ever seen, even in January 2009. Part of this is good as breadth is very broad. Part is bad as it shows normal market mechanisms are completely broken, as has been shown in the last two declines too. Meanwhile funds flows for last week not known yet but mkt has risen on back of very negative retail flow. Institutions have also been chronically underinvested in the last few reports I have seen. I assume both have come back a bit and that buybacks are key. BUT we will not stay up here without some broadening of buyers. I know they are good contrarians but now would be the time for their buying to keep pushing mkt higher. It is a long ways before they would indicate a top.
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