Afternoon Note
It has been quiet for most of the market but explosive for hot sectors.
S&P 500 Index |
|
-0.23% |
Communication Services (XLC) |
+0.30% |
|
Consumer Discretionary (XLY) |
|
-0.45% |
Consumer Staples (XLP) |
|
-0.62% |
Energy (XLE) |
|
1.25% |
Financials (XLF) |
-0.59% |
|
Health Care (XLV) |
|
-0.16% |
Industrials (XLI) |
|
0.33% |
Materials (XLB) |
+0.31% |
|
Real Estate (XLRE) |
-0.38% |
|
Technology (XLK) |
+0.37% |
|
Utilities (XLU) |
|
-0.23% |
Like yesterday, Communications Services are leading the pack, led by Twitter (TWTR,) which laid an egg in its last earnings release and has seen a strong list of Wall Street downgrades over the past two months. Facebook (FB) and Alphabet (GOOG) are also doing some heavy lifting.
Meanwhile, chip names continue to rocket higher getting the latest boost this morning from an upgrade on Micron (MU) from Cowen, which now sees the stock rallying to $70.00 a share instead of $50.00.Like yesterday, Communications Services are leading the pack, led by Twitter (TWTR,) which laid an egg in its last earnings release and has seen a strong list of Wall Street downgrades over the past two months. Facebook (FB) and Alphabet (GOOG) are also doing some heavy lifting.
Semiconductors are on fire, but volume is declining (see chart). Still, we are going to ride this for all its worth.
Unlike yesterday, an early reversal has lost steam. There isn’t a great sense of fear, just general anxiety associated with every week that finishes with the jobs report. The market is looking for a spark beyond momentum names, and it’s not getting it right now.
I don’t think the situation in Iran impacting the market at all at this point.
Tweet |
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 |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
4/8/2024 9:45 PM | Cautious Feel |
4/8/2024 7:19 AM | IT’S ECLIPSE DAY |
4/5/2024 1:51 PM | Higher and Cheaper |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|