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- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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Reporter
NASDAQ: highest since Oct.
S&P: highest since Nov.
Russell 2000: highest since Nov.
The markets are trading on renewed appetite for risk based on the green shoots theory. Two factors are pushing "green shoots" today:
1) The Chinese manufacturing numbers, which continue to show expansion, and which is powering breakouts in commodity names like Massey, US Steel, and Baker Hughes.
2) Improved personal income figures in May, which is causing double digit gains in some big retailers like JC Penney, Nordstrom, and Macy's, which all showed significant increases in volume.
Double digit gains in retailers? Sounds like a stretch based on a single data point, doesn't it? Yes, but no matter.
One hedge fund trader noted: "the vanillas are buying...shorts are throwing in the towel." "Vanillas" are plain mutual funds, which are being sucked in as key sectors continue to rise.
One warning sign: the continuing selloff in long-dated bonds is generating considerable jitters...look at the midday selloff in banks--which never really participated in today's rally.
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POPULAR TRADER TALK POSTS
- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
Data is a real-time snapshot *Data is delayed at least 15 minutes