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Internals were positive, with volume slightly higher. Advances/declines were about 7 to 3 on both exchanges, with up/down volume near 7 to 3 on each as well. New highs/lows were 145/1 on the NYSE and 99/23 on the Nasdaq.
Leaders — Biotechs (+2.17%), Telecoms (+2.10%), Broker Dealers (+2.07%), Homebuilders (+1.94%), REITs (+1.36%), Natural Gas (+1.30%), Retailers (+1.18%), Disk Drives (+1.15%)
Laggards — Airlines (-1.34%), HMOs (-0.86%), Utilities (-0.27%), Paper (-0.22%), Defense (-0.10%), Semis (+0.14%), Health Care Products (+0.30%), Chemicals (+0.35%)
An extensive visual representation of the day’s winners and losers can be found at Finviz.com.
Treasury Yields — 6-Month : 0.13 %, 2-Year : 0.30 %, 5-Year : 0.88 %, 10-Year : 1.99 %, 30-Year : 3.13 %
Energy Prices — Crude oil: $108.13/barrel, Gasoline: $3.12/gallon, Natural Gas: $2.61/mmBTU
US Dollar Index — 78.636
Precious Metals — Gold: $1779.70/ounce, Silver: $35.41/ounce, Platinum: $1721.00/ounce
BMB Note:
So far, the indices have decided to work off their overbought condition by moving sideways rather than pulling back. The trend remains up — go with it or not, but fighting it is probably not the right move yet.
How ’bout oil at $108 and gas at $3.12 in the futures market? Welcome to central-bank-sponsored-and-encouraged (and financed) inflation.
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