Commenting on the 12-week high oil prices despite Navarro-dip and the today’s trading Gorilla Trades strategis Ken Berman said:
The major indices are all trading higher at midday as yesterday’s encouraging afternoon rally continued in earnest this morning. The Nasdaq hit a new all-time high in early trading with Apple (AAPL) and Microsoft (MSFT) leading the way higher for the second day in a row and Facebook (FB) also scoring a new record high. Risk assets briefly spiked lower overnight, due to an alleged negative comment on the U.S .-China trade relations from White House trade advisor Peter Navarro, who quickly clarified that the “phase 1” trade deal is still in place between the two countries.
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Oil Price Hits A 12-Week High Despite The "Navarro-dip"
The price of oil hit its highest level in twelve-weeks despite the "Navarro-dip" thanks to the improving global economic outlook. The main Asian and European markets had a bullish day too, thanks to the much better-than-expected European manufacturing and services PMIs, with especially the French indicators showing strength this month. The U.S. PMIs both missed expectations by a hair, staying below the 50 level and still signaling contraction, but new home sales came in at 676,000 well above the consensus estimate.
Dow: 26,273, + 248 or 1.0%
S&P 500: 3,151, + 33 or 1.1%
Nasdaq: 10,187, + 130 or 1.3%
Russell 2000: 1,441, + 7 or 0.5%
Market breadth has been in line with the performance of the large-cap benchmarks, with advancing issues outnumbering decliners by a 7-to-3 ratio on the NYSE. Only 3 stocks hit new 52-week lows on the NYSE and the Nasdaq, while 132 stocks hit new 52-week highs. The major indices have been hovering around their daily VWAPs (Volume-Weighted Average Price) throughout the morning session, pointing to a mixed and choppy afternoon. Tech stocks and the key cyclical sectors pushed higher at the open, but industrials and financials lost ground as the morning session progressed and real estate stocks remained weak despite the positive new home sales number. Stay tuned!