Afternoon Note
It is tough sledding for the market. The first rally attempt stalled and selling picked up after the European markets closed.
Pharmaceutical names looking into coronavirus treatments are up along with gold stocks, which have been trailing the metal for some time.
Clorox (CLX) is higher.
Big money continues to seek shelter in U.S. government bonds and notes.
I can’t see the buy on dips crowd coming in until the final minutes of the session. Meanwhile, conventional wisdom is shifting to a rate cut as early as next month.
S&P 500 Index |
-3.12% |
Communication Services (XLC) |
-3.49% |
Consumer Discretionary (XLY) |
-3.34% |
Consumer Staples (XLP) |
-1.95% |
Energy (XLE) |
-4.32% |
Financials (XLF) |
-3.05% |
Health Care (XLV) |
-2.99% |
Industrials (XLI) |
-2.86% |
Materials (XLB) |
-2.77% |
Real Estate (XLRE) |
-1.34% |
Technology (XLK) |
-3.68% |
Utilities (XLU) |
-0.55% |
I mentioned those 50-day moving averages this morning, and its important this holds. They rarely hold precisely at the number, so maybe they go a couple percent lower.
Tweet |
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 |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
3/11/2024 1:41 PM | Sharpening Pencils |
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