Morning Commentary
The rally got thinner last week, which further distorts the record levels of the major indices. There are several reasons for this happening, but the lingering question is when do other names participate and when they catch a bid and will the board market look weaker because of the rotation.
Market breadth was extremely ugly on Friday capping a tough week for names that did not interest investors.
NYSE
NASDAQ
The market is doing amazing things, and it has been a huge mistake to fight it or guess when things will change. There is no sign it will happen anytime soon.
Earnings Calendar
There are important earning releases this week, including more retailers that will dovetail nicely with economic data on the state of the consumer.
Monday
Afternoon: PANW
Tuesday
Morning: AMWD ATHM BMO BBY HRL SJM MDT PLCE
Afternoon: ADSK HEI HPE INTU JWN CRM SCSC TOL URBN
Wednesday
Morning: CHS DKS DY EV RY
Afternoon: BILI BOX ESTC LCI NTAP SMTC SPLK WSM
Thursday
Morning: ANF BURL CM COTY DG DLTR LANC PLAB SAFM TD
Afternoon: BILL DELL GPS HPQ MBUU MRVL OKTA OLLI PAGS ULTA VMW WDAY
Friday
Morning: BIG HIBB
Portfolio Approach
On Friday, we took profits on a Technology stock and added to Consumer Discretionary in our Hotline Model Portfolio.
Today’s Session
Equity futures were up all weekend but got an extra boost with the administration announcing greater efforts to collect convalescent plasma to help coronavirus patients. There is also growing scuttlebutt of a potential compassion use or early approach of a vaccine before the election.
Moving the Dow
I am no fan of the composition of the Dow Jones Industrial Average, but the index could join its brethren in the plus column if there is wave of short covering.
One of the big drivers for the NASDAQ and S&P 500 rally has been short covering in those big mega cap stocks. That’s intriguing since there are a lot of open economy stocks in the Dow Jones Industrial Average, which could get a bump with a vaccine, which feels closer today.
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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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