Morning Commentary
Yesterday was a generally down day, although the Nasdaq did go positive briefly. However, by the end of the day, the Nasdaq and the Dow were both down 1.3%, and the S&P 500 gave up 1.2%, dipping below its 200-day moving average of 4474. Small caps also took it on the chin, with the Russell 200 -1.7%.
Red was the dominant theme of yesterday’s session. Energy names, along with Apple (AAPL) and Tesla (TSLA) bucked the downward trend.
Energy and Utilities were the only 2 sectors in the green on the S&P 500 yesterday. Crude rose over 5% to $115.26 per barrel. Financials and Healthcare were the worst performing sectors, both down 1.8%
S&P 500 Index |
-1.20% |
|
Communication Services XLC |
-1.20% |
|
Consumer Discretionary XLY |
-1.20% |
|
Consumer Staples XLP |
-0.90% |
|
Energy XLE |
+1.7% |
|
Financials XLF |
-1.80% |
|
Health Care XLV |
-1.80% |
|
Industrials XLI |
-0.90% |
|
Materials XLB |
-0.40% |
|
Real Estate XLRE |
|
-1.00% |
Technology XLK |
-1.50% |
|
Utilities XLU |
+0.20% |
|
For the year, Energy is the star performer, and Communication Services is the laggard.
While breadth was decidedly negative, the new highs and lows were about even, while still more new 52 lows on the Nasdaq, and down volume was slightly greater than the up.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,171 |
1,674 |
Decliners |
2,138 |
3,027 |
New Highs |
82 |
65 |
New Lows |
80 |
114 |
Up Volume |
2.09 billion |
2.13 billion |
Down Volume |
2.34 billion |
2.77 billion |
The market has gone through two phases.
The next test toward equilibrium is for market to open higher and close much higher. Only few technical hurdles left.
Portfolio Approach
There are no sector weighting changes this morning in our Hotline Model Portfolio.
Today’s Session
President Biden is Europe where he will make 3 speeches to NATO today as he unveils more sanctions on Russia, including on 400 individuals of which more than 300 are Russian lawmakers from the lower house of parliament. In addition, the administration is “prepared to provide more than $1 billion in new funding towards humanitarian assistance for those affected by Russia’s war in Ukraine and its severe impacts around the world.”
The EU and G7 are also taking tougher measures and will cease to conduct “business as usual” with Russia.
On the labor front, the weekly jobless claims declined to 187,000 while the prior week was revised to 215,000.
The markets are bouncing back this morning but are wobbly, and off the highs of the pre-market.
Comments |
When is the USA going to receive aid from this government by allowing drilling and being energy independent??? Carla Sawyer on 3/24/2022 11:31:59 AM |
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