In late summer/early autumn a reverse head-and-shoulders pattern developed in the Dow Jones Average which bolstered support at the 27,000 level. 

Month-to-date the DJIA up about 10.4%, handily beating the Russell 3000, S&P 500 and even the very hot Nasdaq.

Gene Peroni Daily Podcast: In last year’s 4th quarter I began to note the improving relative strength of the materials-related stocks and they continued to improve heading into the coronavirus downturn. 

The Dow’s multiple failures to move above 30,000 has imposed a bit of a technical wall of resistance at that millennium level – a big level that many are watching.

The Dow punching into record territory, but the big news yesterday was the Russell 2000 were the small and midcap stock had good performance. 

In its 18-year run, this stock market has been very consistently driven by low interest rates and earnings.

No triskaidekaphobia for this stock market; even Friday the 13th can’t derail this advance which seems to have a great deal of momentum – built on interest rates and earnings.

The feverish rotation continuing yesterday with the Nasdaq rotating into favor with a nice rally in that index. 

The rapid price vacillations that we’ve been seeing over the last week and more seem to be knee-jerk reactions as investors try to get a handle on the incoming administration.

Stay-at-home-theme stocks had a rough day yesterday with prospects of a vaccine on the near-term horizon.