Morning Commentary
What’s the opposite of Goldilocks? Yesterday, the Institute of Supply Management (ISM) manufacturing report came in better than expected, as headline new orders and production shifted back to expansion from contraction. But employment continues to contract (now, six months), and prices increased faster.
ISM Manufacturing Employment
After the release of the ISM data, bonds took center stage. Yields moved higher across the spectrum.
The ten–year yield closed right on the cusp of a considerable resistance point.
Stocks Rattled, But Firm
Eight out of eleven S&P 500 sectors were lower in the session.
Perhaps it should come as no surprise that Communication Services (XLC) led the way, followed by Energy (XLE) and Technology (XLK).
Banks were also intriguing, considering further deterioration among small banks.
NASDAQ-100 (Safe Haven)
The Nasdaq-100 (NDX) has been marking time since mid-February, refusing to go down but unable to generate the oomph to breakout. This is called consolidation, and thus far, it's very impressive.
Today’s Session
A series of blows to the market this morning.
Medicare reimbursement will be less than consensus and this is crushing key names:
The day after the Biden administration made official changes to the CAFÉ standards, which are a death knell for internal combustion engines, we are reminded people do not want EVs.
Tesla's deliveries came in much lower than expected. The street was looking for 431,000; the actual count was 369,783.
I’m also intrigued with the action in gold, which seems more than just a breakout but a warning about the economy.
Tweet |
4/29/2024 1:33 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 |
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 |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|