The Yellen bounce carried over on Wednesday, but the rally struggled as there was some profit taking. The Dow Jones Industrial Average is closing up for the year, albeit up less than two percent, and up 13% since February 11th.
I continue to like the composition of this rebound led by blue-chip names. Yesterday, 200 names on the NYSE closed at fresh 52-week highs as boring names like General Mills (GIS) hit all-time highs. Overall, 64% of stocks on the NYSE and 65% on NASDAQ advanced.
Breadth |
NYSE |
NASD |
New Highs |
200 |
72 |
New Lows |
7 |
29 |
Advancers |
64% |
65% |
Decliners |
32% |
33% |
And don’t look now, but the high-flying tech names are perhaps taking the biggest cue from Janet Yellen, while Apple (AAPL) lost its oomph last year, its acting much better, and it could assume a leadership role from here.
The jobs report looms as a big hurdle, and we need a goldilocks number, but the Dow going through 17,900 would be huge.
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