Monday, November 21, 2016

Indices--Five Records, One Day: S&P, Dow, Nasdaq, Russell 2000, S&P Midcap Hit New Highs

From Barron's Stocks to Watch:

It looks like the benchmark U.S. stock indices are pulling out all the stops
The S&P 500, as well as the Dow and the Nasdaq have all hit new record highs today, helped along by a sharp increase in oil prices. And joining the party are the small-cap Russell 2000 and the S&P Midcap 400.

It didn’t take much to set those records. The S&P 500 climbed almost 13.6 points, or 0.6% in recent market action to trade at 2,195.53 after earlier rising as high as 2,197.53.

Meanwhile, the Dow Jones Industrial Average climbed 0.4% today, while the Nasdaq gained 0.8% and the Russell 2000 added 0.3%. The S&P Midcap 400, meanwhile, climbed more than 0.5%.
As CNBC reported earlier:
The benchmark index on Monday hit a new record high for the first time since Aug. 15, breaking above 2,193.81. Leading the S&P higher were energy stocks, which surged around 2 percent on the back of soaring oil prices.

The S&P 500 reached its record on the same day the Dow Jones industrial average, the tech-heavy Nasdaq composite, the Russell 2000 and the S&P Mid Cap 400 all hit record highs. The Dow, Russell, Nasdaq and Mid Cap 400 had also hit record highs last week....

Barron's Stocks to Watch is a great quick-hit on market goings-on throughout the day but just about every time someone sends me a post or I happen to see it drop out of a feedreader I laugh. Here's why:

March 30, 2011
Climateer Line of the Day: Voyeur Edition
I saw this headline yesterday:
25 Master Limited Partnerships for Your Watchlist
and started laughing.

Firstly because MLP's are so last year.
Secondly because 25 is a large number of names.
Lastly because of something we posted last August:
...One of my mentors could not stand indecisive traders. He loathed them almost as much as he loathed losses.
If one said about an instrument "I'm watching it" he'd bellow "You like to watch? What are you, a freaking voyeur?" Except he didn't say "freaking".

If you were asked about implementing a certain strategy and said "I'm thinking about it"  the response was "What are you, a freaking philosopher?", again substituting a different word. 
Remember that the next time somebody tells you they have something they want you to watch.