Jason Goepfert

5-08-2020 at 5:32 pm

Daily Report : A rally that's powered while traders sleep; The Nasdaq goes positive

A large portion of the S&P 500's total gains since the March bottom have come overnight. Even though much of SPY's gains since inception have come overnight, it's rare to see so much of it during the initial leg off of a low. There is some slight evidence that this is a negative, compared to rallies off of a low that's driven more by gains during the regular day session.; The Nasdaq Composite turned positive for the year, after suffering more than a 20% drawdown. This is one of the only times it has clawed back from such a large YTD pullback, especially so early in the year. The big gains in tech have pushed the QQQ fund above the $100 billion market cap threshold, joining few others.

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