Yes, Dow 20K is all hype, but these broad, less-famous gauges are also roaring MARKETWATCH 9:28 AM ET 1/26/2017 Critical information for the U.S. trading day
Traders are still jazzed about Dow 20,000 -- enough of 'em at least, that it's looking like small gains at the open.
But many others folks are happy to move on from the 20K buzz.
"I am glad the 20K watch is (mostly) over," writes Howard Silverblatt from S&P Dow Jones Indices. "It would be comforting to get back to earnings season and leave Washington to itself -- but I wouldn't count on it."
No, he's not talking about the 2,300 mark that looks imminent for the S&P 500 (http://wallstreetexaminer.com/2017/01/ dow-20k-big-another-imminent-market-milestone-important/), nor even the Nasdaq's latest record. He's all about the NYSE Composite's breakout above 11,250.
The move "further strengthens the foundation of the post-election rally," says Lyons, providing our bullish call of the day. The J. Lyons Fund Management partner also shares the chart below for the NYSE Composite, which tracks roughly 2,000 stocks trading on the New York Stock Exchange.
"Whether or not the chart actually consists of a variation of a cup-and-handle pattern -- or an equally bullish inverse head-and-shoulders -- is probably not important," Lyons says. "The important thing is that another broad market index, this one with thousands of constituents, has broken out to new all-time highs following 20 months of consolidation."
Josh Brown over at his Reformed Broker blog (http://thereformedbroker.com/2017/01/25/the-entire-world-breaks-out/) is singing a similar tune, highlighting another broad benchmark that looks exciting. He shares the chart below for the MSCI All Country World Index Ex-US ETF (ACWX) .
"The entire world is now breaking out, in concert," Brown writes. "There is something bigger going on here. It may continue."
Key market gauges
Futures for the Dow are pointing to a small step up to a fresh all-time high, while those for the S&P 500 are flat to lower. That's after yesterday's trifecta of records (http://www.marketwatch.com/story/dow-stays-on-path-to-20000- milestone-ahead-of-key-earnings-2017-01-25) for the Dow , S&P and Nasdaq Composite .
The Mexican peso was up about 3% this week against the dollar, even as President Trump sticks to his plan to build a border wall. But it's been heading south in recent trading, paring its week-to-date gain to roughly 2%.
What's with the weekly advance? Perhaps traders are figuring "the news can't get much worse" for the peso , or they're focusing on Trump saying that "a strong and healthy economy in Mexico is very good for the United States." So says The Daily Shot newsletter (http://blogs.wsj.com/dailyshot/2017/01/26/wsjs-daily-shot-its-finally-a-great-time-to- be-an-american-bank/).
Read more:Trump tells ABC that wall will be built within months, torture "absolutely" works (http:// www.marketwatch.com/story/trump-in-abc-interview-wall-to-be-built-within-months-torture-absolutely-works-2017-01-25)
And see:Company best positioned to benefit from a "Trump Wall" is Mexican (http://www.marketwatch.com/story/company- best-positioned-to-benefit-from-a-trump-wall-is-mexican-2016-07-15)
After the close today, Google parent Alphabet (http://www.marketwatch.com/story/alphabet-earnings-google-may-shift- focus-to-cloud-as-search-business-slows-2017-01-25)(GOOGL) (GOOGL) , Intel (http://www.marketwatch.com/story/intel- earnings-holiday-pc-sales-could-save-the-quarter-2017-01-25)(INTC) , Starbucks (http://www.marketwatch.com/story/ starbucks-earnings-us-same-store-sales-expected-to-be-key-driver-for-stock-price-2017-01-24)(SBUX) and Microsoft (http:/ /www.marketwatch.com/story/microsft-earnings-expect-bigger-shift-to-cloud-as-azure-closes-in-on-aws-2017-01-25)(MSFT) are expected to roll out results.
On the Dow 20K front, the unimpressed are highlighting how the Dow priced in gold looks sad (http://www.nysun.com/ editorials/the-20000-dow/89880/), half of America missed out, and the magnitude of recent moves:
(
soo $INDU breaks 20k but barely moves-actually hasnt had a move of over 1% since Dec. 7. prob more important than this mysterious 20k number pic.twitter.com/VQFNcsYCVd
"Even if they build the wall, I will climb the wall. I bring a ladder the size of the wall, even from sticks or whatever, but I'll make it, and I'll jump over there." José de Jesús Ramírez, a recently deported Mexican migrant is quoted in an AP report on reactions to the proposed border wall.
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