Sort of a wild one today, as some markets extend long runs (up or down) and others are experiencing sharp trend changes. US stocks fall into the first category, with new all-time highs on the Dow Industrials, led by our hero Chevron (CVX) and Goldman Sachs. Oil prices jumped another 3% today, on top of yesterday’s boffo 9% run.
But the S&P 500 isn’t quite so ecstatic about it all today, and is actually down 0.4%. And the NASDAQ – yikes! Down 1.5% as tech stocks giveth back some of what they had taken earlier. The difference between the Dow and NASDAQ shortly before the close is significant, as this chart shows. The ratio between the two has been running in the Dow’s favor for the last week or so. The result, so far, is that the NASDAQ is back to an oversold reading vs. the Dow, shown by the ... Log in or subscribe to continue reading.