Morning Commentary
Don’t forget to watch my Town Hall Special today on Fox Business at 2 PM, “Unbreakable Investor.”
The focus will be the ‘Roaring 2020s.
Yesterday was anything but roaring, as major indices staved off what could have been monster losses. Still, there were no advancing sectors in the S&P 500. But ‘resolve’ was still the word of the day.
Lots of Resolve |
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Russell 2000
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While small caps have been a huge disappointment, thus far, in just about every session, there is an effort to spark a sustained move higher. Yesterday was no exception, as the Russell 2000 (RUT) closed at 1,913, just off the session-high point of 1,914. |
NASDAQ Composite
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The NASDAQ Composite was slammed out of the gate, opening at 14,814 after closing the prior session at 14,944. But it was clear buyers were waiting like goldfish with overzealous first-time owners ready to feed them. By the close, it looked more and more like piranhas pushing it to 14,855. |
Dow Jones Industrial
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The Dow Jones Industrial Average (DJIA) was only off 0.25% during the session. It held up the best out of the gate as bond yields moved higher. The biggest advancer was Boeing (BA), trying to dig out of its latest fiasco. The worst performer was Walgreens (WBA). |
It Was A Beige Day
We have recently found nuggets of information in the Fed’s Beige Book report, but it was the same stuff as the prior month.
It makes you wonder what Powell knew when he took that victory lap back in October.
Today’s Session
The market has been higher most of the pre-open trading. Even a better-than-expected report on initial jobless claims hasn’t altered the upward bias.
Initial Jobless Claims 187,000 versus consensus 208,000.
We could see the S&P 500 stumble on higher bond yields, but the NASDAQ Composite will hold strong on results from Taiwan Semiconductor (TSM) which is sparking a huge move in the SMH ETF, AS IT continues to build on its breakout.
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5/3/2024 1:41 PM | Cheering the News |
5/3/2024 7:33 AM | TIM COOKS THE (RECORD) BOOKS |
5/2/2024 1:54 PM | Holding Up |
5/2/2024 9:41 AM | COOL HAND POWELL |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 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 |
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