Market Summary 1st March 2024
The stock market started off on a good note and really picked up speed at 10 pm (GST +8) after a very positive ISM Manufacturing report, which showed just the right balance of growth without too much inflation. On top of that, the tech sector, which was already doing well, received an extra boost from a highly praised report by DELL. By the end of the trading session, stocks closed near their highest points for the day, with more stocks reaching new highs on both major stock exchanges.
For those keeping an eye on smaller companies, the Russell 2000 index $iShares Russell 2000 ETF(IWM.US$, which tracks these types of stocks, just managed to close slightly above its previous top, reaching 52-week highs. The trading volume wasn't particularly high, leading to the question: Can we see a breakout with just average trading volume? It's possible that investors who usually push the market might be feeling a bit tired. There's an old saying in trading, "the second mouse gets the cheese," which means that sometimes being first to jump in isn't the best strategy. Instead, waiting a bit can be safer and more rewarding. In this situation, it might even be the fifth mouse that succeeds, indicating that a big increase in trading volume might not be necessary for small to mid-sized companies' stocks to climb higher finally.
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