Precious metals shine in a broadly flat market yesterday. TSLA pushes the Mag7 higher

The US Indexes were mixed on Monday with the Nasdaq and S&P pushed higher by the Mag7. The VIX was flat at 17, this seems too low considering the recent market swings. The main indexes were; DJIA -0.13%, S&P 500 +0.39% and Nasdaq +0.60% (Mag7 +1.01%). On an equal weighted basis (our measure) the overall market was +0.06% yesterday. Breadth of 48% (daily range of 22% to 48% over the last week) . Daily volumes of 11b (the average daily volume over the last year of 8b). 

Daily returns: Mag7 +1.01% (TSLA +5.6%, GOOGL +1.6%, AAPL +1.3%, AMZN -0.5%, NVDA -1.3%), large cap +0.64%, medium cap +0.47, small cap +0.1% and micro cap -0.2%.

Week returns as follows - equal weight basis: Mag7 -2.3% (AAPL +1.7%, TSLA -3.2%, NVDA -3.5% and META -4.9%), large cap -1.6%, medium cap, -3.4%, small cap -4.6% and micro cap -5.1%. 

Our risk monitor remains in favour of the larger cap stock. Micro caps have underperformed the market by 1.4% over the two weeks.

With the market broadly flat yesterday the sector performance was evenly split between riser and fallers. Strength in Platinum +5.7%, Gold +4.6% and Silver +3.8% helped push Basic Materials higher, Iron +1.9% and Construction +1.3%. Uranium +6.8% and Renewable Energy Equipment +2.1% pushed Energy stocks higher. Software fell on the day but all other Tech sub industries were higher helping Technology to beat the market yesterday. Fintech was +2% and within this Blockchain was +3.6%. Natural Gas +1.4% and Electric Utilities +1.4% (nuclear stocks were all strong) helped Utilities on the day. At the bottom end of the market, Consumer Cyclical underperformed, Discount stores +1.7% and Department stores +1.5% were the outperformers in the sector, all other sub industries were down. Healthcare continues to fall post the trump appointment of RFK jr.

A notable number of 52 week highs was seen in the following sectors: Energy (Oil & Gas Equipment) , Financials particularly Banking & Investment Services. Industrials was strong again (across the sector including Transportation... for the second time) and Technology (Software & IT Services, Technology Equipment), Utilities (across the sector).

Notable high volumes in all sector: High levels in Basic Materials (Metals & Mining) Consumer Cyclicals (across the sector), Financials (across the sector), Healthcare (across the sector), Industrials (across the sector) and Technology saw a very high number (Software & IT Services, FinTech and Technology Equipment)