Momentum stocks put S&P 500, Nasdaq on course for new highs

FILE PHOTO: A man walks a dog in the shade away from the midday sun past the New York Stock Exchange building in Manhattan, during hot weather in New York City, New York, U.S., August 11, 2020. REUTERS/Mike Segar

Commercial air carrier stocks lost altitude, with the S&P 1500 Airline index dipping 1.5% even after the White House announced President Trump was weighing an executive action to avoid massive layoffs in the sector. The Dow Jones Industrial Average rose 23.67 points, or 0.08%, to 28,272.11, the S&P 500 gained 29.02 points, or 0.84%, to 3,472.64 and the Nasdaq Composite added 183.82 points, or 1.6%, to 11,650.29.Second-quarter earnings season has wound down, with 483 of the companies in the S&P 500 having reported. Of those, 82.2% have beaten consensus, according to Refinitiv data.

Hewlett Packard Enterprise Co rose 4.1% after its full-year profit outlook beat expectations, while tax software firm Intuit Inc advanced 2.5% on a 17% rise in quarterly revenue.

Momentum stocks continue to outperform the S&P over most medium- and long-term periods. Since 1990, the MSCI USA momentum index is up 5,300% vs 1,900% for the S&P 500. $MTUM Chart:

The economy is in the sewer, but markets are on crack. This will end badly.

Momentum stocks dramatically outperforming the S&P500 over the last seven years. Up 225% vs +160%. $MTUM Chart:

The market will not dip until after the elections

Another all time high for US momentum stocks. $MTUM Gainers today:

thebearablebull It's not momentum. It's FED printing

Me late que solo se esta acrecentando el desplome... 🥺🧐 💣🔥🤦🏽‍♂️💣🔥🤦🏽‍♂️💣🔥🤦🏽‍♂️

Another record breaking grift.

UnitedStates & EU stockmarkets fireworks do Not reflect real economy blues. Covid19 pandemic reveals mercyless weakness of Western capitalism & closing gap between China & Unitedstates monopoly capitalism & personal cult. SpokespersonCHN ccp will correct course

I'm a cat, so I don't invest in the Stock Market, but apparently neither does my human. She seems perturbed. Something about more than 50% of households not invested. Mnuchin and Co. pumping money into the Market, blah, blah. She better have money to buy me food,just sayin'. 😼

Based on what reality?

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