Morning Commentary
It was another slim win for the S&P 500, with Utilities (XLU) leading the way. The one constant is the strength in Communication Services (XLC).
The top advancers were an eclectic mix led by Norwegian Cruise Line (NLCH). A fair amount of bottom fishing in names like Albemarle (ALB), Dollar General (DG), and Palo Alto Networks (PANW) continues to surge after getting smacked on earnings. It helps to have Nancy Pelosi load up on the stock.
Small But Mighty
There was great distribution as there was a plus sign in each box with small cap leading the way across the board.
The Russell 2000 is beginning to gain an actual head of steam. While this is a serious resistance point, it is a convincing move that will probably continue to pick up momentum and attract lots of buyers. The debate is how many of the buyers would be traders versus true investors?
Considering the number of unprofitable companies in the Russell 2000, rates would need to be much lower for a sustained move. But it's worth watching for big trades.
How Wall Street Stopped Being Bearish & Learned How to Love the Rally
Don’t look now, but Barclays now has the second-biggest 2024 S&P 500 target. The firm’s base case is 5,300 from 4,800 and 4,600 on December 3, 2023. The firm's bull case sees the market at 6,050.
UBS leads the pack at 5,400 from 4,600 coming into the year. Goldman is now at 5,200 from 4,700. I believe Fundstrat will come in with a number above everyone else.
New highs beget new highs and drag the Street along for the ride.
Today's Session
All the action is in Bitcoin and short squeezes today (see BYND) as AI high-flyers have stalled a bit.
Right now, I’m looking for the rally to branch out. The S&P 500 is at a record high, but only 70% of names are trading above their 200-day moving average.
Comments |
Don't know about y'all, but I ain't eating Bill Gates' fake meat. Michael Supplee on 2/28/2024 10:35:54 AM |
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