U.S. Stocks Hit Record High on Unusually Low Volume

FTMDaily.com – Yesterday, U.S. stocks roared higher as both the S&P 500 and the Dow Jones Industrial Average closed at record highs. The S&P 500 settled at 1897, just shy of the strong resistance level of 1,900. Additionally, the Dow Jones closed above its 16,600 resistance level at 16,695, which is its third record high of 2014.

Small-cap stocks, which have been hit particularly hard in recent weeks, joined in yesterday’s rally. The closely watched Russell 2000 Index rose 2.3%, its best day in over 17 months, while the NASDAQ 100 leapt higher by 1.7%.

Precious metals also rallied strong yesterday with gold prices rising modestly and silver gaining nearly 2% — its best one day performance in three months.

The strong rally in U.S. stocks came on little news and overall weak volume, indicating that the rally may be short-lived. When a market rallies on weak volume, such as we saw yesterday, it serves as a red flag to the small investor to remain vigilant. Remember, most market crashes were preceded within days of a new ‘record high’ occurring on unusually low volume.

Meanwhile in Europe, the Stoxx Europe 600 index closed at its highest level since January 2008. I remain very bullish on European stocks in the near-term as the European Central Bank seems to be preparing for a round of monetary stimulus that could be announced as early as next month.

And while stocks made news yesterday, it has been hard assets (commodities) that have been rising the most so far in 2014.

Year-to-date:

Coffee prices are up 71%…

Lean hogs are up 32.5%…

Corn is up 18.3%…

Wheat is up 18.1%…

And orange juice is up 15.9%.

You can view all of the year-to-date performance data below.

Until tomorrow,
Jerry Robinson

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