The U.S. stock market today was feeling blue (actually red) in pre-market. The key metrics people watch were all pointing to a down day.
The key metrics we tweeted about this morning were interest rates, the VIX, and the U.S. Dollar against major trading partners, and they were all significantly negative for stock prices.
It is now four hours after the markets opened, and the markets are positive and bullish on strong economic news about U.S. consumer spending.
We still see longer-term interest rates higher, such as the U.S. 10-year Treasury Note, up a significant 12 basis points and the rate is over 4.83%.
Bitcoin is up again today, up over 1%, and maybe this is driving some of the market strength.
Finally, on a refreshing note, the US stock market yesterday went up 1% (actual market cap of all stocks that pass our data validation), as did the U.S. equity indices. Those tied out in a very strong day yesterday. Today is more flat.
This is an options expiration week for single stock options, so some of the action might be around those.
Good luck to all. Stay safe.
Stock Market BLOG
President and Investment Advisor Representative