Afternoon Note
For the second session in a row, a sleepy market woke up on stronger than expected economic data. The ISM report came in at 53.2 its highest level since February 2015 and well above Wall Street consensus. There are several key highlights including employment and backlog reversing from contraction to expansion.
Highlights
Earlier this morning the Dow hit 18,000, a number that seemed unimaginable even before yesterday’s open. So, the market has been filled with sound and fury but what does it signify?
Resolve – the ability to bounce back is critical to any longer term rally effort and this week was a perfect test.
Valuation- most of the dyed-in-the-wool bears say this market is overvalued but that’s not the same as valuations normally associated with big corrections or crashes.
Range Bound- despite the rebound the market still runs out of steam as north of 18,000 and there are only so many bites at the apple before the market has to pull back a lot more.
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3/28/2024 7:50 AM | LISTEN TO THE MARKET |
3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
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