Morning Commentary
It appeared yesterday that the market was looking to lay down for a moment, but it held at the last minute, as all but two sectors finished in the green.
But earnings misses continue to be punished…badly!
Breadth
Advancers crushed decliners, and new highs surpassed new lows as up volume drawled down the volume.
All styles were higher, but small-cap value enjoyed a rare session on top of the heap.
Health Care (XLV) struggled, but Consumer Discretionary (XLY) took the largest hit, as shown on the Heat Map.
Gushing
Crude oil is beginning to gush, and there is much room for the upside once momentum picks up. I also like the rate of change. The signs are nascent, and there have been false alarms, but crude oil acts better.
Moreover, hedge funds have massive short positions that might have to unwind quickly. I like what’s happening in the Materials (XLB) as well.
Sox Get Socked
After the close, Intel (INTC) posted results that beat the consensus on revenue and earnings.
But the guidance was abysmal.
@Don7Spy
Portfolio Approach
We added a new position in the Hotline Model Portfolio this morning. If you are not a current subscriber to our premium Hotline Service, contact your account representative or email Info@wstreet.com to join today.
Today’s Session
Lot of data out this morning, including a huge spike in personal spending and core PCE declining to 2.9% from 3.2%.
Spending came at the expense of savings, which plunged to 3.7%.
Inflation Watch
The story form PCE data is core edging below 3.0% to 2.9%.
Annualized Trends
These numbers have many suggesting the Fed can start cutting right now.
But the CME FedWatch has seen the chance of the March rate cut ease in the initial response to all the data.
Tweet |
5/3/2024 1:41 PM | Cheering the News |
5/3/2024 7:33 AM | TIM COOKS THE (RECORD) BOOKS |
5/2/2024 1:54 PM | Holding Up |
5/2/2024 9:41 AM | COOL HAND POWELL |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 PM | Musk Rides Back to the Mag Seven |
4/29/2024 9:50 AM | DIE BY THE SWORD, PROSPER BY THE SWORD |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|