Taking Stock -- Week of February 8, 2021

Monday, February 8, 2021

Green Arrow Up

DJI30 Index at the Close   —-   31,385.76    +237.52 (+0.76%)

The Index opened at 31191, up 43 points.  I reached 31359 short;y after 10:00.  There was slump, hitting 21240 before noon followed by sideways motion staying below 31310 until 3:30.  It then rose, with a 50 point spike in the last 3 minutes on a volume surge to close within 1 point of the hi.

This is a clearly up day with the hi and lo up by 134 and 108 points, respectively.  These are not big numbers, but the Index did burst through to new all time intra-day and closing highs, so that has to be acknowledged.  With that out of the way, the sky is now the limit.

This market is overvalued by any rational measure you can think of.  But none of that matters, since the market is fueled by emotion.  I think there is now new hope in the air with the loathsome trump regime in the rear view mirror and vaccines, stimulus money and reopening on the horizon.  These things are anticipated and IMHO the anticipated effects over-blown, but here we are.

I bought a basket of hi-yielding and/or hi dividend growth issues today.  My hope is that they will continue to pump out cash and weather whatever down-turns may be ahead of us.

% Changes -

DJI30  +0.76% 

SP500 +0.74%   

NASDAQ  _+0.93%    

Russell 2000 +2.53% 

DJI30 Closings -

02/08/19 - 25106

02/07/20 - 29103

01/08/20 - 30174

02/08/21 - 31386

NYSE Internals - 

A/D =  2353/861 = 2.73

A/D Vol = 2.95

New Hi/Lo = 315/2 = 157.50

Tuesday, February 9, 2021

Yellow Arrow Sideways

DJI30 Index at the close   —-   31,375.83    -9.93 (-0.03%)

The Index opened at 31360, off 26 points. Fifteen minutes later it dropped to 31246. off 140. It climbed back to 31340 after 10:30, stalled for an hour, then rose sharply to 31424, up 39, before 1:00. It then meandered sideways until rising to the the day’s hi of 31439, up 54 points, after 2:30.  It stumbled from there into the close, including a 90 point drop after 3:30.

A change of 0.03% is pretty close to being dead flat.  The Index spent more of the day in the red than in the green, and by a considerably larger margin.  This is a mixed day, with the hi higher by 53 points, reaching a new all-time intra-day hi, and a higher lo by 55 points. So, despite the slide into negative territory at the end of the day, this merits a yellow arrow.

Momentum has turned back up at most durations.

The SP 500 also reached a new all time intra-day hi, while failing by 4 points to make a new hi, and spending almost the entire day in the red. 

% Changes -

DJI30  -0.03% 

SP500 -0.11%   

NASDAQ  +0.14%    

Russell 2000 +0.40% 

DJI30 Closings -

02/08/19 - 25106

02/07/20 - 29103

01/08/20 - 30196

02/09/21 - 31376

NYSE Internals - 

A/D =  1854/1373 = 1.35

A/D Vol = 0.92

New Hi/Lo = 332/2 = 166.00

Wednesday, February 10, 2021

Green Arrow Up

DJI30 Index at the Close   —-   31,437.80   +61.97 (+0.20%)

The Index opened at 31428, up 52 points, and immediately rose to 31510, up 134.  It stayed above 31450 until 10:20 when it was dropping to the 10:45 lo of 31221, off 155.  There was a quick recovery to 31425, up 49 points. It slid back to 31320 before 12;30, then started rising again.  It not exceed 31425 again until 2:30, when it was rising to a marginal new hi of 31511, just after 3:00.  After a drop to 31385 at 3:45, the Index rose 53 points into the close.

This is an outside day, with a new intra-day hi of 31511, above yesterday’s by 72 points, and the lo lower by 25.  The new closing hi is 52 points above Monday’s.  The span was 290 points.  The 10 day average is 360.

Though these gains are small, and the motion covered both directions, The new intra-day and closing highs rate a green arrow.  The upward changes have been slight this week, but the momentum is now clearly up.

All the indexes had roughly similar contours covering both sides of neutral, but only the Dow wound up in positive territory. 

% Changes -

DJI30  +0.20% 

SP500 -0.03%   

NASDAQ  -0.25%    

Russell 2000 -0.72% 

DJI30 Closings -

02/08/19 - 25106

02/10/20 - 29277

01/08/20 - 30196

02/10/21 - 31438

NYSE Internals - 

A/D =  1634/1576 = 1.04

A/D Vol = 1.21

New Hi/Lo = 343/6 = 57.17

Thursday, February 11, 2021

Yellow Arrow Sideways

DJI30 Index at the close   —-   31,430.70   -7.10 (-0.02%)

The Index opened at 31466, up 29 points. Sixteen minutes later it reached a new intra-day hi at 31544 up 106.  But at 1:00 it dropped to 41412, off 26.  It then thrashed around in a narrowing wedge until 11:30 when it started to fall, and hit the lo of 30244 as 12:45.  It then wandered between that level and 31360 until 3:00, when it rose up to the close.

The hi and lo were higher by 32 and 23 points, respectively.  So, there is a new hi, by those 23 points, and the close missed a new closing hi by only 7 points.  The span was 299 points, just marginally over yesterday’s 290. This includes reaching 106 over and 193 points below yesterday’s close, ending in a 7 point loss.  This merits a yellow arrow, the marginal new closing hi not withstanding.  Momentum increased slightly.

The other indexes had roughly similar contours, going both above and below neutral, and finishing with only small changes.

% Changes -

DJI30  -0.02% 

SP500 +0.17%   

NASDAQ  +0.38%    

Russell 2000 +0.13% 

DJI30 Closings -

02/11/19 - 25053

02/11/20 - 29281

01/11/21 - 31009

02/11/21 - 31430

NYSE Internals - 

A/D =  1477/1763 = 0.84

A/D Vol = 0.70

New Hi/Lo = 242/8 = 30.250

Friday, February 12, 2021

Yellow Arrow Sideways

DJI30 Index at the close   —-   31,458.40   +27.70 (+0.09%)

The Index opened at 31421, off 10 points, and quickly rose to 31472, up 41. It dropped to a lo of 31352, off 79, at 10:30, then rose to 31435 a few minutes later. It stayed between that level and 31430 until noon when it started dropping, hitting the lo of 31348, off 83 before 1:30.  It staggered back and forth until 3:00, when it began rising. The rise steepened after 3:30, including a gain of 41 points in the last 13 minutes.

This is an inside day, with the hi lower by 72 points and the lo higher by 103.   The span was an unusually narrow 124 points - less than half of yesterday’s 299.  That, with the minuscule change at the close, merit the yellow arrow, despite the Index spending almost the entire day in the red.  Momentum is slowly increasing.

The other indexes had roughly similar contours, and all straddled the neutral point during the day and finished positive.  The Russell 2000 had the weakest end of day surge.

% Changes -

DJI30  +0.09% 

SP500 +0.47%   

NASDAQ  +0.50%    

Russell 2000 +0.18% 

DJI30 Closings -

02/12/19 - 25426

02/12/20 - 29551

01/12/21 - 31069

02/12/21 - 31458

NYSE Internals - 

A/D =  1782/1449 = 1.23

A/D Vol = 1.95

New Hi/Lo = 224/5 = 44.80