Morning Commentary
Yesterday was a powerful session with Communication Services (XLC) leading the way.
There were lots of Technology (XLK) names that were up, but not the ones you would expect. Some bottom fishing is going on as Tesla (TSLA), Match Group (MTCH), and Enphase Energy (ENPH) posted substantial gains.
Bonds & Spiking Yields
Things happening in the investment complex are being completely ignored. The rise in bond yields is screaming something isn’t right. I’m not saying there should be a stampede for the exits, but these yields are edging higher, and not by a little bit. These are substantial moves. These moves can send stock investors into traditional safe havens or to the sidelines.
Breaking key resistance could break hearts. That ten-year yield is on the cusp of the kind of breakout that makes it harder to believe there will be a soft landing.
Yesterday, swaps began to reflect a less-than-50% chance of a rate cut in June.
For now, all of this might as well be happening on the moon's dark side.
Pass the Dice
When I was a teenager, I was great at playing dice. My game was Cee-Lo. The more the crowds swelled, the better the game was. Looking at the options activity right now, it seems like the biggest game of Cee-Lo ever.
Lots of housing data today.
Today’s Session
This morning, housing starts and permits came in better than expected; although, the latter lagged the former.
Housing starts were +35.2% from a year ago for single family, but it was -35.9% on multifamily.
Permits were +6.0% from a year ago on single family, but it was -23.8% for multifamily.
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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