Morning Commentary
It was a nice start to the week, led by those stocks that infuse more confidence than any other niche.
I’m talking about those mega growth, mega-cap names at the forefront of everything we do in life.
Internals
Once again, the ride was sweet, but under the hood, the engine was not firing on all cylinders. This is a ‘summer doldrums’ kind of volume.
Market Breadth |
NYSE |
NASDAQ |
Advancing |
2,174 |
2,152 |
Declining |
1,153 |
2,024 |
52 Week High |
202 |
127 |
52 Week Low |
26 |
43 |
Up Volume |
2.47B |
1.83B |
Down Volume |
1.22B |
1.61B |
Buying the Dip
The coolest chart I saw yesterday underscores just how steady buyers have been – showing up like clockwork to buy the dip.
Fun Stat
I had a blast rooting for professional golfer Phil Mickelson on Sunday. It was because of his personality, how he reinvented his body and game, and how he slew the young lions, including his playing partner. Perhaps, somewhere deep down inside, I know a win would be good for the stock market.
Check out this table from the whizzes at LPL Financial.
Reversal
Michael Saylor, CEO of MicroStrategy (MSTR), and Elon Musk got together with crypto miners to discuss ways to make the mining effort cleaner. This happened as China is reportedly on the cusp of completely outlawing the practice. Keep watching Bitcoin (BTC) as it rebounds. There will be a kind of confidence lift that also benefits growth stocks.
Portfolio Approach
We added to Consumer Discretionary yesterday in the Hotline Model Portfolio.
Today’s Session
The Case-Shiller US 20 city home price index rocketed 13.3% year over year to 251.57 in March, up from 12% in February. This was the greatest increase since December 2013. Month over month, the index rose 2.19%.
Cities with the largest increase include:
More people continued to move from the cities to the suburbs and housing supply remains constrained. According to Craig Lazzar, Managing Director and Global Head of Index Investment Strategy at S&P DJI, “These data are consistent with the hypothesis that COVID has encouraged potential buyers to move from urban apartments to suburban homes. This demand may represent buyers who accelerated purchases that would have happened anyway over the next several years. Alternatively, there may have been a secular change in preferences, leading to a permanent shift in the demand curve for housing.”
Comments |
Thanks Charles Lorin K on 5/25/2021 10:13:11 AM |
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4/25/2024 9:27 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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