The markets have started off 2018 with a move to new record highs. The S&P 500 (NYSE: SPY) finds itself completely erasing the end of year decline just before the close on the 29th and back to highs. The new year has the SPY already locking in gains of 0.72% and still comfortably in an uptrend.
As for the Nasdaq 100 (NASDAQ: QQQ) there are more records here as well. The QQQ shot up 1.75% in the first day of trade and volume supported the move all day long. So far this is the leader for 2018 and investors continue to jump in head first.
The Metals and Mining space (NYSE: XME) was the best performing sector of the new year boasting a 3.66% gain on day one of 2018. While this is impressive on it's own, a look back over the last two months shows that Tuesday was just adding to the already impressive gains. Since November the XME is higher by almost 20%.
Oil and Gas Exploration companies (NYSE: XOP) came in a close second with first day gains of 2.80%. Strong oil prices continue to move money into this space. Trading volume has been consistent which continues to support prices. Since marking a low back on December 15th the XOP is higher by 15%.
It can't all be good news though right? Well, the long bonds (NYSE: TLT) saw a small selloff to start the new year, losing 1.08%. This continues to be a very choppy area of the markets. The TLT is still stuck in a range between $130 and $122. Though the day only sold off 1%, volume was considerably high which may give the upper hand to the bears in the short term.