Yesterday's price action broke a three day losing streak, as the S&P 500 gained around 40 basis points in value on overall weak volume (volume has been weak on the downside and upside for about a month now). Reversing recent gains, the telecom sector gave back some relative gains as the more cyclical groups attracted investor interest.
The materials sectors caught a bid in yesterday's trading, not only on a price basis but also demand wise, as the price/volume heat map reflects higher volume levels with the rise in price across the names in the sector. Ditto for the energy complex, as it concerns supply/demand characteristics, with the price action no where near as strong as materials. That said and aside from staples (a more defensive group), the supply/demand posture in yesterday's trade castes the 40 basis point rally in a weak light, with neutral and negative reading outweighing positive volume/price momentum.
The materials sectors caught a bid in yesterday's trading, not only on a price basis but also demand wise, as the price/volume heat map reflects higher volume levels with the rise in price across the names in the sector. Ditto for the energy complex, as it concerns supply/demand characteristics, with the price action no where near as strong as materials. That said and aside from staples (a more defensive group), the supply/demand posture in yesterday's trade castes the 40 basis point rally in a weak light, with neutral and negative reading outweighing positive volume/price momentum.
No comments:
Post a Comment