Afternoon Note
The ten-year treasury yield has plunged through a key support point continuing a trend that began after hitting a double top in early November. Typically, this kind of move reflects growing concern about global economies and a flight to safety. Throw in heighten geopolitical risks, and its clear investors are looking for a place to hide.
Crude Awakening
One of the biggest losers today is West Texas Intermediate (WTI), which saw another 4.7-million-barrel increase in inventories reported by the EIA yesterday. Crude inventories are now 4% above the five-year average for the first time this year. Keep in mind, crude oil climbed from $42.53 on December 24 to $65.85 on April 24. So just like the stock market, some folks were itching for a reason to take profits.
Riding Wave Into Close
There was one bounce attempt that centered on names that had good news this week, but it couldn’t seduce any real cash off the sidelines. The odds are against it, but if the Dow rallied past the point where the first bounce faded, that would make me move closer to buying the dip.
There is no urgency despite the opportunities. Near term risk is skewed to the down side until we get clarity from some of the unknowns.
Comments |
I really appreciate the details you provide Charles..... Kevin on 5/24/2019 8:50:30 AM |
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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 |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
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