Afternoon Note
Earnings have come to the rescue, helping the market bounce back from that nasty sideswipe from the Biden administration trying to test the attitude for the world's highest capital gains tax. The PG-version of Wall Street's answer was "no thanks."
So, now back to the business of fundamentals, as lots of hyped niches of the market continue to come down including crypto which is getting slammed. I am opening a CoinDesk account soon and will let you know when I buy - only as a curiosity as I cannot tell anyone to buy or sell.
I am loving the action in good old-fashioned blue-chip names. We have been overweight and it’s paying off.
The market also reacting to strong economic data.
The IHIS Markit US Manufacturing PMI in April rose to 60.6, up from 59.1 in March, topping estimates of 60.5.
There was record highs in in manufacturing and services activity. However, a lack of raw materials led to a decrease in production capacity. Delays in ports, coupled to supply chain disruptions added to capacity issues. The good news is that the backlog increased substantially.
I would only quibble with volume - still concerned it is too low.
Market Breadth |
NYSE |
NASDAQ |
Advancing |
2,541 |
2,899 |
Declining |
692 |
1,102 |
52 Week High |
205 |
93 |
52 Week Low |
8 |
22 |
Up Volume |
1.32B |
1.76B |
Down Volume |
284.93M |
368.04M |
One thing to remember is new highs beget new highs.
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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 |
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