Morning Commentary
Although the gains were not huge, it is fair to say that yesterday saw major equity indices muscle higher. Or, I should say ‘rode the muscle higher,’ as big mega cap stocks continued their dazzling run:
Market Breadth |
NYSE |
NASDAQ |
Advancing |
1,189 |
1,369 |
Declining |
1,800 |
1,999 |
52 Week High |
54 |
79 |
52 Week Low |
20 |
27 |
Advancing |
1.17B |
2.61B |
Declining |
2.30B |
1.51B |
Turning Point
When the Conference Board released its Leading Economic Index (LEI), the stock market firmed up nicely. I suspect the buyers were not day traders - but instead, old-school investors that have seen the LEI turn as a harbinger for a greater and more sustained turn in the economy. The ten components of The Conference Board Leading Economic Index® for the U.S. include:
I continue to think the near-term wildcard is Congress stepping up to extend a bridge to the vaccine.
The dollar (DXY) continues to sink, which helps multinational companies but lessens the purchasing power of Americans. I think it’s nearing a key sweet spot, and I would like to see it hold.
Portfolio Approach
Today’s Session
The S&P is still in a double top formation and looking a little tired. Consolidation is natural, especially since this is the best first three weeks in August since 2000. Still, its important buyers materialize here. Although, the market is giving a little back now, it is a great way to test the rally and shakeout weaker hands.
Stock of the Day (nothing runs like it)
The stock if the day is Deere (DE). The company posted financial results that blew away Wall Street consensus. Founded in 1837 by John Deere, a blacksmith who heard concerns from farmers about plows designed for sandy soil of eastern United States not able to shed the thicker prairie soil.
This morning Deere posted results
I love when these companies based in the heartland deliver like Deere did this past quarter.
Comments |
https://chicago.suntimes.com/city-hall/2020/8/20/21377608/lightfoot-police-home-security-protests-george-floyd-pandemic-logan-square ....in case you haven't seen this .......can you believe the arrogance of this women who worries about her block yet everyone else you are on your own...when your child is killed and your neighborhood is burnt and ramshacked ....police retirements/defunding and trump you can go to hell for trying to defend civility...i lori lightfoot have a right to safety ....................and we are coming after your guns. VOMIT!!!!!!!!!!!.......... prettydirect on 8/21/2020 9:08:22 AM |
It's been a little over two years and I've found my replacement Charles. You were on top of your game early this morning, thank you. But, I still miss that Krauthammer, and you were great at 6am on FOX! JOHN MCLEES on 8/21/2020 9:58:26 AM |
Hello John
We all miss Charles. He was one of a kind. I am so fired up about where we are the negative narrative the media and Hollywood insist reflects America. They are dead wrong. CP Charles Payne on 8/21/2020 10:04:47 AM |
If Kamala wins and they take the senate the first thing dems will do is get rid of the filibuster rule. This will allow them to pass anything they want. DC will become a state. Illegals with get free healthcare. and healthcare for all. These are only a few of the thing they will do. (Getting rid of the electorial college). If they win big America will not be the same in 10 years. brad cowen on 8/21/2020 1:29:14 PM |
Tweet |
4/25/2024 7:51 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 |
4/9/2024 1:56 PM | Fighting the Trend |
4/9/2024 9:46 AM | NEXT TIME, MAKE IT A HOLIDAY |
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