Summary of content for the week of Feb 5:
1. Week 5 major indexes performance;
2. Week 5 US sector indexes performance;
3.Major indexes weekly charts of support and resistance levels;
U.S
U.S stocks finished solid higher, recovered all of last week's declines helped by fiscal stimulus plans and vaccine optimism. SPX, Nasdaq indexes all reached record highs. Energy stocks outperformed as crude oil prices hit their highest level in over a year on a surprising decline in U.S reserves.
Nasdaq(COMP) added 6.01% for the week, was the top performer. Among 11 SPX sectors, Materials(XLB) outperformed and Healthcare(XLV) and Consumer Discretionary(XLY) stocks lagged.
Short Squeeze Unwinds. The social media Reddit coordinated "short-squeeze" targeting hedge funds short-sellers with positions in GameStop and a few other companies also abated(#GME price dropped more than 80% this week), buyers turned their attention instead to the silver market, sending silver prices to their highest level since 2013.
China/HK
Shanghai SSE index rose for the week. Sentiment improved following reports that Alibaba group reached an agreement with regulators over the restructuring of its fintech affiliate Ant group, whose record USD 34.4 billion IPO was canceled in November.
Kuanshou IPO. In HK, a record oversubscription by retail investors for the USD 5.4 billion IPO of Kuaishou Technology(1024.HK) revealed huge investor appetite for Chinese tech companies. Shares of the short video-sharing app surged 161% in its HK public trading debut on Friday, making it the largest IPO since Uber went public in 2019, according to Bloomberg.
Singapore
STI index rebounded this week after a two-week down, current index level supported by its 50dma at around 2890. Upside immediate resistance at recent high 3017 level.
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