Afternoon Note
Ever watch a good boxing match and at the end both fighters embrace like long lost brothers? That is what today's session feels like. Even though we started the session at an all-time high for the S&P 500, trading has been such that over the last several months many longs and shorts have both lost money. The difference is, this is not the finale for the market where there remains a divide over how long inflation will last.
Bonds seem convinced high inflation will be short term and enough of the market is convinced that growth has begun a stealth rally. The broad stock market is still looking for answers, hence the early rally evaporates.
Only three sectors in the S&P 500 are higher - yep, the growth sectors.
S&P 500 Index |
-0.10% |
|
Communication Services XLC |
-0.19% |
|
Consumer Discretionary XLY |
+0.29% |
|
Consumer Staples XLP |
-0.35% |
|
Energy XLE |
-0.01% |
|
Financials XLF |
+0.36% |
|
Health Care XLV |
-1.05% |
|
Industrials XLI |
-0.07% |
|
Materials XLB |
-0.05% |
|
Real Estate XLRE |
-0.83% |
|
Technology XLK |
+0.22% |
|
Utilities XLU |
-0.44% |
I am especially impressed with brick-and-mortar retail names that are in most of the top 12 movers. I continue to like this niche of the market as the story got even more compelling after learning household net worth in the United States has climbed north of $137 trillion.
(I'm a little concerned about the high pace of borrowing.)
Have a great weekend.
Tweet |
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 |
4/5/2024 9:23 AM | MARKETS REEL ON BIDEN’S ISRAEL ULTIMATUM |
4/4/2024 1:42 PM | Stocks Bounce |
4/4/2024 9:31 AM | ESCAPING GRAVITY = ESCAPING REALITY? |
4/3/2024 1:41 PM | Cuts Not Soon |
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