* Major averages slip
* Real Estate leads sector gains; energy weakest group
* U.S. 10-Yr T-Note yield lower, Dollar index higher
April 24 - Welcome to the home for real-time coverage of U.S. equity markets brought to you by Reuters stocks reporters and anchored today by Chuck Mikolajczak. Reach him on Messenger to share your thoughts on market moves: charles.mikolajczak.thomsonreuters.com@reuters.net
S&P, NASDAQ PULL BACK FROM RECORDS (1605 EDT/2005 GMT)
Major indexes dipped on Wednesday, as the S&P .SPX and Nasdaq .IXIC retreated from record closing levels in the prior session, although the Nasdaq did manage to notch a record intraday level, topping out for the session at 8,139.55.
Energy .SPNY weighed, suffering its biggest daily percentage drop in about a month as oil prices stalled somewhat as data showed U.S. crude stockpiles surged to their highest levels since October 2017. estate .SPLRCR was a bright spot, gaining ground as the best performing sector on the day as Treasury yields fell as investors piled into the safe-haven government bonds following a dovish report from Canada's central bank, weak data from Germany and Australia, and solid demand at auction for $41 billion of new five-year notes. Mikolajczak)
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THE "LAKE WOBEGON BULL" (1408 EDT/1808 GMT)
With the S&P notching a record close on Tuesday, it confirmed this bull market's 10th birthday, which was officially on March 9.
According to Sam Stovall, chief investment strategist at CFRA Research, this bull is now being referred to as the "Lake Wobegon Bull" market as it is "above average in terms of magnitude, duration, valuation and accompanying GDP growth." (Lake Wobegon is a fictional place that time forgot).
Since WWII, the median bull market advance has been 94% versus the current bull market gain of 334% from its March 9, 2009 low. It has now lasted 122 months against the 55 month median, and real GDP rose a cumulative 25% compared to the 21% median.
Stovall also notes the current trailing PE on a GAAP EPS basis is 22.1, the third highest since WWII, above the 18.2 median and the current market cap to GDP of 113% is well north of the 52% median since 1966.
While "history says that even though a digestion of recent gains is likely, relatively low interest rates and inflation, combined with improving EPS growth projections, point to additional new highs in the period ahead," said Stovall.
(Chuck Mikolajczak)
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MAJOR TREND INDEX TICKS HIGHER (1320 EDT/1720 GMT)
Leuthold Group's Major Trend Index ticked up to 1.02 in the week ending April 19, up from 1.00 in the prior week, buoyed by another jump in the momentum category, according to chief investment office Doug Ramsey.
While the index did move higher, it still remained within the range of a "neutral" reading between 0.95 to 1.05 and as a result, Ramsey said the firm's tactical portfolio remains positioned with a net equity exposure of 50%.
Ramsey said they are not in the market "melt-up" camp, although the current market leaders - domestic over foreign, large over small and growth over value - are what they would expect if they were.
Ramsey also noted that the momentum category remains robust enough that they are not yet overly concerned about other signs of waning thrust, such as the continued underperformance of smallcaps, the relative weakness of financials, and banks in particular, and the relatively sparse number of new 52-week highs given how close the index was to a record.
(Chuck Mikolajczak)
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For Wednesday's U.S. Live Markets posts prior to 1200 EDT/1600 GMT, click here: Leuthold's Major Trend Index
https://tmsnrt.rs/2GDPwCT
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