What an amazing session yesterday, where buying triggered additional buying, as more fence-sitters were forced to buy or to keep missing one of the greatest rallies ever.
What’s really intriguing is most would-be buyers cooling their heels on the sidelines want to buy a big dip, and it just isn’t happening.
Market breadth was good but not as strong as a 275 point move in the Dow Jones Industrial Average would suggest.
Market Breadth | NYSE | NASDAQ |
Advancing | 1,768 | 1,998 |
Declining | 1,156 | 1,202 |
52 Week High | 270 | 256 |
52 Week Low | 35 | 50 |
Advancing | 2.54B | 1.60B |
Declining | 1.26B | 710.14M |
2020 YTD
- S&P 500 +4.6%
- NASDAQ Composite +8.4%
- Dow Jones Industrial Average +3.6%
- Russell 2000 +1.3%
Bernie & Wall Street
The question after the stock market erupted higher the day after the dust settled in New Hampshire is if the investors think Bernie Sanders will be the Democratic nominee but would lose big time against President Trump. How could I come to that conclusion?
One stock is the perfect illustration of how Wall Street was quaking in its collective boots when Elizabeth Warren had all the moment but broke out the champagne with Bernie taking the lead. United Health Group (UNH) shares began plunging last summer as Warren began to pop up on top in various polls.
CBS Tracking Poll Sept 2019
- Warren 27%
- Biden 26%
- Sanders 19%
George Washington University Poll Oct 2019
- Warren 28%
- Sanders 21%
- Biden 18%
United Health shares hit rock bottom on Oct 15th at $215.00 before finding its footing, as Warren began to fade upon unveiling “details” on how she would pay for the Green New Deal. Wall Street thought Warren, who says she’s a capitalist, could have won in a general election. Judging from the 4.3% pop yesterday in the stock, it's clear Wall Street might actually be rooting for the socialist.
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