It's spring again

I can hear the birds sing again

See the flowers start to bud

See young people fall in love

Well, it's spring again

Thunder showers, they are here again

An extra hour for me and you

To spend together

Pretty colors are everywhere

Mother Nature, she still cares

Lou Rawls

Spring arrived on Wall Street before it arrived on the calendar, as the market staged a rebound that was absolutely remarkable on many fronts.  Market breadth was hugely positive and there were finally more 52-week highs than lows on the NYSE as up volume displayed serious bullish conviction.

These numbers are a monumental reversal from how the week began.

I suspect the bears will stage a public relations campaign on why this is a bear market bounce, but I think we need to keep buying their rhetoric at key turning points.

Market Breadth	NYSE	NASDAQ
Advancers	2,208	3,214
Decliners	1,094	1,446
52 Week Highs	59	60
52 Week Lows	57	78
Up Volume	5.74 billion	6.57 billion
Down Volume	2.63 billion	1.75 billion

Heat Map

Mega cap tech led the way but buying was well distributed with Consumer Discretionary leading the charge.

Consumer Discretionary still has the fewest components above their 200-day moving average, followed by Communication Services and Technology.

Technical View

The S&P 500 and NASDAQ Composite closed above their trend lines and 50-day moving average on strong volume. Those are huge buy signals, although bears and unknowns don’t automatically vanish.

Portfolio Approach

There are no sector changes this morning in our Hotline Model Portfolio.

Today’s Session

Major indices swooned around 1:45am on news of a Chinese commercial plane crashing. Apparently, it was a Boeing 737 (not Max) crash and that sent shares of the Boeing (BA) stock much lower while changing the mood of the market as well.  Even with that, buyers emerged and lifted the S&P and NASDAQ futures into the green for a moment.

There are also the latest atrocities in by Russia in Ukraine.

Question of the Day

Elites are now suggesting folks buy lentils instead of beef, and if the vet bill is too high, it’s bye-bye Spot.

Should people tighten their belts or demand officials stop insane policies like the war on fossil fuels to provide real relief and a sustained standard of living?

 

Comments

Drill drill drill Dick Fredericks on 3/21/2022 9:59:49 AM

Doesn't matter what We think, Charles.....The current administration will continue its' war on fossil fuel and NEVER put Us on a path of energy independence. So, go ahead, demand all you want. Your pleas are falling on deaf ears! Higher prices are here to stay. Not saying they can't backslide a bit. But higher wages has let that Genie out of its' bottle. Charles Haselberger on 3/21/2022 10:31:43 AM

I am in the middle of the oilfield right between the STACK and SCOOP finds and while there is activity I still see rigs stacked. The regulatory issues are not just the current obstructions and cost adders but my old friends that are still in the industry are worried about the long game from Biden's greenie policies. What if oil price falls again will they be left on a limb with high regulatory costs being heaped on them to artificially drive up the price to the consumer to keep the greenie agenda alive? When I see rigs stacked at $100 a bbl you know the costs and threats are real to the industry. A deep hole in either of the aforementioned fields is 18 months from scheduling to Total Depth before production can even be thought of. Steve Anderson on 3/21/2022 11:07:06 AM

If Joe would stop spending like a drunken sailor and trying to destroy our economy - we would be much better off! Don on 3/21/2022 11:17:43 AM

the lefties who control Biden Care about their agenda PERIOD. The only thing that will change their behavior is their loss of power. C'mon November Michael D Thomas on 3/21/2022 11:46:54 AM

I'm surprised they didn't tell us to eat Spot and there, both problems solved Kathy on 3/21/2022 1:31:57 PM

Ha! Sad but true. But don't think they have ruled it out. CP Charles Payne on 3/21/2022 1:42:41 PM

and if you don't have a dog but your neighbor has 2, you can eat one of his dogs Kathy on 3/21/2022 1:45:44 PM

We've sacrificed enough Pat on 3/21/2022 2:02:07 PM

Our inept (being kind) President is stuck on his “green agenda”. Where is the XL pipeline when we need one??!! Does he really believe that he can wean our country off fossil fuels?? We institute sanctions against Russia and say we are not going to buy their oil (which we are and are therefore helping Putin finance his Ukrainian war) and then we put a 45 day period in place to “slowly” stop buying!!! Stop buying Russian oil should mean stop buying now/today!! Can’t wait for the November elections. Dick Denecker Dick Denecker on 3/21/2022 11:38:24 PM

Knock sense into the politicians. They must get back to US production including natural gas and nuclear with graduated approach to renewables. Bryan Lieberman on 3/30/2022 10:16:40 AM

Elites practice what you preach and do so with a sincere heart and mind. The next White House meal should be a Lentil main course meal, with martini glasses filled with spring water, pulled from the potomac river. Gustavo Gonzalez on 3/31/2022 11:04:14 AM

Thanks Charles for asking 2 great questions. Balanced spending habits means you can support local businesses AND set aside more money for investments. And, we all should communicate clearly with all our elected officials, starting with the White House, to return the United States to energy independence and stop the war on US and Canadian energy production. We need and HAVE domestic coal! nat gas! Oil! Nuclear! And wind & Solar when they work. Keep investing spend wisely and stay positive! Becke on 4/1/2022 9:40:14 AM

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