Market Report May 12 2021

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Market Report for May 12 2021

A long term outlook often turns to short term panic when the market has a rest.

Market Trend:
S&P 500 = Up
Nasdaq Composite = Sideways

Market YTD:
Dow Jones Industrial Average +12.0% YTD
Russell 2000 +11.8% YTD
S&P 500 +10.5% YTD
Nasdaq Composite +3.9% YTD

Market Volume:
NYSE Vol: 995 mln (Below)
Nasdaq Vol: 4.7 bln (Below)

New Swing Positions:
GBPUSD compound about 5am BST

Comments:
A weak start to Tuesday’s session saw the Nasdaq Composite turnaround and end flat for the session while the S&P 500 closed -0.87% down and Dow Jones Industrial Average -1.36%.

Basic Materials was the only positive sector.

PLUG was the biggest gainer yesterday ending 17.59% up while BLI was the biggest loser closed -5.29% down. ZM and PTON both found some 4% gains.

We entered a limit order for the GBPUSD which filled within the last hour I think.

ETHUSD this morning overcut the Doji so negates the potential for a near term pullback and has formed a new ATH. BTCUSD is still flirting with the 50MA and so far has got nowhere.

It is likely to be yet another stand aside day but we will wait to see if there is a turnaround in this overall market. At present there is a clear disconnect but these will happen from time to time as we have seen in the past.

Let’s go trade!