Morning Commentary
The ride was bumpy from the opening bell yesterday; only two sectors finished the session in the plus column.
Drug makers and oil drillers won the day.
New Home Sales
New home sales were down from the prior month and up 5.9% from the year-ago period.
Although median prices were down7.6%, homebuilders are expected to remain in “the catbird seat” for at least another year or longer.
Market Breadth
There was mixed market breadth, but certainly, moves on the NASDAQ Composite certainly indicate investors are becoming more selective.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,173 |
1,756 |
Decliners |
1,632 |
2,463 |
New Highs |
176 |
111 |
New Lows |
25 |
109 |
Up Volume |
1.68 billion |
2.60 billion |
Down Volume |
1.55 billion |
1.98 billion |
Food Too Damn High
Everyone is playing the Fed guessing game, but it doesn’t include food and fuel for official policy decisions. However, high inflation, including food, is taking a toll on consumers.
Middle-income households are struggling far more than high-income households paying for basic necessities.
Tapped Out
Excess savings are gone. The official savings rate is below 4% and consumers are going to have to cut back.
Economic Calendar
A lot of data is coming out, and the onslaught begins today. I’m very excited about the regional Fed data, which serves as many boots on the ground.
We are watching prices and employment.
Today’s Session
There is still a hurry up and wait feeling to this market. It could change with the Consumer Confidence number; although, I think the pendulum has swung back to bad news being good news.
It is a good sign the broadening out of the rally is holding up as close to 80% of the S&P 500 is changing hands at a 200-day moving average.
Prayers to those missing from the Francis Key Scot bridge collapse in Baltimore.
Tweet |
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 |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|