Morning Commentary
Leanin' to the side but you can't speed through
Two miles an hour so everybody sees you
There's an air of love and of happiness
And this is the Fresh Prince's new definition of summer madness
“Summertime” - DJ Jazzy Jeff & The Fresh Prince (Will Smith)
Yesterday’s was a nice summertime snapback for the market was very encouraging, but markets are still in a narrow range, and internals needs to keep improving.
Market Breadth |
NYSE |
NASDAQ |
Advancing |
2,462 |
2,544 |
Declining |
852 |
1,758 |
52 Week High |
109 |
103 |
52 Week Low |
26 |
55 |
Up Volume |
3.10B |
2.85B |
Down Volume |
713.51M |
1.50B |
The number of stocks under their 50-day moving average also needs to keep rebounding.
Green Across the Screen
The good news was all the green across the screen.
In addition, the S&P 500 continues to tread around its 50-day moving average, which is a plus. Remember, resolve has been the key to this market rally since forever.
Portfolio Approach
We added to Energy and Healthcare yesterday in our Hotline Model Portfolio.
Today’s Session
The futures are relatively flat this morning. Treasury yields are rising again this morning with the 10-year trading at 1.51%.
All eyes will be on Jerome Powell and his comments at the House of Representatives.
While the testimony is titled: The Federal Reserve's Response to the Coronavirus Pandemic, there is no doubt questions will be focused on the threat of inflation. Here are key passages in prepared comments:
Chairman Clyburn, Ranking Member Scalise, and other members of the Select Subcommittee, thank you for the opportunity to update you on our ongoing measures to address the hardship wrought by the pandemic.
The economic downturn has not fallen equally on all Americans, and those least able to shoulder the burden have been the hardest hit. In particular, despite progress, joblessness continues to fall disproportionately on lower-wage workers in the service sector and on African Americans and Hispanics.
The Fed pursues monetary policy aimed at fostering a strong, stable economy that can improve economic outcomes for all Americans. Those who have historically been left behind stand the best chance of prospering in a strong economy with plentiful job opportunities. And our economy will be stronger and perform better when everyone can contribute to, and share in, the benefits of prosperity.
Inflation has increased notably in recent months. This reflects, in part, the very low readings from early in the pandemic falling out of the calculation; the pass-through of past increases in oil prices to consumer energy prices; the rebound in spending as the economy continues to reopen; and the exacerbating factor of supply bottlenecks, which have limited how quickly production in some sectors can respond in the near term. As these transitory supply effects abate, inflation is expected to drop back toward our longer-run goal.
Tweet |
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 |
4/3/2024 9:33 AM | A LITTLE LESS SWAGGER |
4/2/2024 1:16 PM | Under Pressure |
4/2/2024 9:49 AM | HIGHER PRICES & JOBS LOSS – “NO” ON FED BINGO CARD |
4/1/2024 10:00 AM | OF COURSE, HE CAN WAIT…THE DATA STILL NOT ADDING UP |
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