Afternoon Note
The market rally ran out of steam right on cue, and now the question is, can the gains hold for the remainder of the session?
The good news is, breadth is much better, and money is rotating out of Consumer Staples and Real Estate, which have been safe havens.
Still, there is no denying the optimistic nature of the action today. Interestingly, the Financial sector is the strongest, led by small brokerage and bank companies. Communication Services are firm, in part to Amazon (AMZN), but also getting a solid boost from Twitter (TWTR), which had a wild weekend removing voices from its platform.
Meanwhile, Apple (AAPL) began the session higher, but is now lower, as investors grapple with a class action lawsuit that observers are saying looks like the Supreme Court will allow to proceed.
Some steam came out of the market after the Dallas Fed report, which continues to expand; albeit, at a much slower pace. By the same token, prices paid were lower, while prices received were higher.
+0.78% |
||
+1.38% |
||
+1.23% |
||
-0.15% |
||
+1.10% |
||
+1.69% |
||
+0.40% |
||
+0.03% |
||
+0.68% |
||
-0.21% |
||
+0.80% |
||
+0.07% |
This is a good test of the market and certainly the downside bias that has most experts advocating selling rallies.
Buy Signal?
There are a lot of unknowns clouding the investing landscape, but for those watching the market day to day, you want to see a session where big gains are erased, and the market finds a way to rally again and takeout the earlier high point.
For the Dow, that would mean closing above 24,673.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 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 |
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