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Morning Commentary

Trying to Gain Traction

By Charles Payne, CEO & Principal Analyst
4/12/2021 9:22 AM

It was an interesting week for the market that saw major indices finish at new highs but on the lowest volume of the year.

Lots of things are bugging the market. 

The market is grappling with its own success and the feeling it’s harder to find value.  These kinds of moments don’t last long, as new highs beget new highs, and the idea of waiting for the perfect entry point is tossed out the window.

Powell has done a good job pledging his case.  That said, I suspect the Fed will have to remove the punch bowl in 2023 and find a way to articulate that over the coming weeks and months.

Market Breadth

Market internals were lukewarm highlighted by light volume.

Week Breadth

NYSE

NASDAQ

Advancers

2,239

2,319

Decliners

1,176

2,000

New 52-Week Highs

669

518

New 52-Week Lows

56

128

Up Volume

10.6 billion

10.6 billion

Down Volume

9.0 billion

9.8 billon

 

Portfolio Approach

We are adding to Consumer Discretionary this morning in our Hotline Model Portfolio.


Today’s Session

The market is trying to generate traction.  The emerging trend of strong finishing rallies will soon lead to strong starts, but for now, money wants to be wooed off the sidelines.


 

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