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Trade Headlines Do Little For The Major Indexes

Daily Market Comment

December 10, 2019
DAILY MARKET COMMENT

Trade Headlines Do Little For The Major Indexes

It was another up and down day for the broader U.S. indexes as markets traded near the break-even line throughout the session, largely on new trade developments. Though U.S. and China trade negotiations remain in limbo, negotiators are planning for a delay in tariffs set to take place over the weekend, while house Democratic lawmakers reached a rare agreement with the White House to replace NAFTA with a better agreement. Sector wise, the market was led by Energy (XLE), Health Care (XLV), and Technology (XLK) while Real Estate (XLRE), Materials (XLB), and Communications Services (XLC) lagged today. The DJ Industrial slipped down 27.88 points (-0.10%) to end the day at 27,881.72. The S&P 500 also fizzled at the end, as it lost 3.44 points (-0.11%) to end at 3132.52 while the NASDAQ eked out a small loss of 5.64 points (-0.07%) and finished at 8616.18.

Breadth was slightly negative as declining issues beat out advancing issues by 142 units on the NYSE and by 147 units on the NASDAQ. Advancing volume was 50% on the NYSE and while declining volume was 50% of the NASDAQ. VIX inched up 0.02 points (+0.13%) and closed at 15.88. Crude oil prices moved higher by 0.29 (+0.49%) points and the January contract closed at $59.31 a barrel. Finally, Gold surged higher by 3.90 (+0.27%) points and finished at 1468.80 an ounce.

Today’s session almost mirrored Monday’s session as investors largely remained cautious as they digested the impacts of a new trade agreement with Mexico and Canada while also weighing on what a delay in tariffs might look like if they are not lifted by the deadline this weekend. The NYSE A/D line, a leading indicator of market direction, snapped a 2-session winning streak. Most of the major indexes are already in or approaching overbought territory, which could set it up for more see-saw trading in the coming days.

Earnings releases to watch for on Tuesday include: Lululemon Athletica (LULU), American Eagle (AEO), Progressive Corp (PGR), and DLH Holdings (DLHC).

By Richard Cuvilly



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Market Posture Cyclical Trend Index
Neutral
-3
As of: 11/22/2019
As of: 12/06/2019

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Market Recap - 12/10/2019

Index Close Day Change Day % Change YTD % Change
NASDAQ COMPOSITE 8616.18 -5.65 -0.07% 29.85%
DJ UTILITIES 852.58 0.8 0.09% 19.58%
DJ TRANSPORT 10629.87 -46.64 -0.44% 15.91%
DJ INDUSTRIALS 27881.72 -27.88 -0.1% 19.52%
NYSE COMPOSITE 13545.31 -9.76 -0.07% 19.09%
S & P 100 INDEX 1396.76 -1.58 -0.11% 25.39%
RUSSELL 2000 1631.71 2.09 0.13% 20.99%
S&P 500 3132.52 -3.44 -0.11% 24.95%
CBOE MKT VOLATILITY 15.68 -0.18 -1.13% -38.38%
AMEX COMPOSITE 2453.49 6.1 0.25% 7.03%
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