Up 1.85% on the dayFed’s Bullard just said that stocks are up (another understatement) and valuations might be stretched.
Indeed, the S&P is up 0.46% and the Nasdaq is up 1.23%.
That is pretty good, but the Russell 2000 index of the small cap stocks is on fire.
It is up 27 points on the day to 1484.21. That is a gain of 1.85%. Sizzling. On fire.
Looking at the daily chart, the price is trading at a new record high and is breaking above a topside trend line in the process at 1475. Stay above is more bullish. Move below and the «Bullard Top» may be in place ; )
It is hard to keep the stock market down, no matter how you slice it. However, the Russell index is now leading the way (I don’t know if that is good or bad?)
PS the S&P and Nasdaq are pressing against record high closes today. The S&P high close is 2508.24. The pair is at 2508.06 now.
The Nasdaq record high close is 6461.32. It is currently trading at 6460.988.