Global equity markets are attempting to rally back from the plunge yesterday thanks to trade headlines. The bounce appears to be mostly a function of the same kind of headlines, if not even more speculative in nature, but the move higher has been pretty consistent with Europe up 1% and US equities poised to gap up by about 63 bps. The market continues to be dominated by trade-related headlines, but at some point soon, tweets and headlines just aren’t going to cut it, and investors are going to demand concrete results.
The list of oversold stocks is really starting to pile up. Through yesterday’s close, 18.6% of stocks in the S&P 500 were at short-term overbought levels while 38% were oversold. That net reading of 19.4% is the most negative reading since January 7th.
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