Morning Commentary
The stock market went out with a whimper last week, but it came in like a lion and it continues to roar. Occasionally, funds rotated into other areas, including Utilities (XLU), which look very compelling.
But it keeps coming back to Technology (XLK) and Communication Services (XLC).
Staying the Course
The market has rebounded nicely from the COVID-19 crash and the 2022 crash as well.
Right now, staying the course means loading up on technology stocks. These are wonderful when they work, but they are undisciplined, to say the least.
Digesting the Rally
The S&P 500 hit its 20th all-time high last week, and it feels confident there will be more, but gains have to be digested at some point. The key downside number for the S&P 500 is 5,100.
The NASDAQ Composite could pull back to 15,750.
Today’s Session
The fix seems to be around the jobs market after Jay Powell mentioned over and over that an unexpected development (another +0.2% climb in U3) could force the Fed to move swiftly.
Everyone is also looking ahead to the PCE report on Friday that could open the door for the Fed to step up its rate cutting timetable. But, a new wrinkle is in place with Atlanta Fed Chair Bostic now anticipating just one cut this year.
Bostic spoke this morning and others will follow.
Watching semiconductors, which could feel the heat from news that China is blocking the use of Intel (INTC) and Advanced Micro Devices, Inc. (AMD) chips in government contracts.
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 |
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