Morning Commentary
This market has gone through a number of iterations already this year. If I could compare it to a movie, I would be tempted to say the Sally Field classic” Sybil” in which the title character suffers from dissociative identity disorder, previously known as multiple personality disorder.
But now, I think the market most resembles the Peter Sellers classic: “Dr. Strangelove, How I stopped worrying and learned to love the bomb,” The title tweaked a little: “How I stopped worrying and learned to over Fed mistakes runaway inflation and World War III.”
Another amazing session that saw Technology explode – led by semiconductors. Market breadth was impressive but overall volume was light.
I’m still looking for new highs to overtake new lows on the NASDAQ, and when that happens, I think we could get a surge of new buying.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,183 |
3,129 |
Decliners |
1,145 |
1,548 |
New Highs |
95 |
77 |
New Lows |
98 |
103 |
Up Volume |
2.94 billion |
3.68 billion |
Down Volume |
1.12 billion |
1.24 billion |
Heat Map
As long as the mega cap continues to attract fresh buyers, the overall bias will remain to the upside. Keep an eye on Facebook (Meta) and Amazon (AMZN), which some now think are value stocks.
Technical View
The S&P 500 is off to the races and looks like there is only one more hurdle before indecisive money is forced to join the action. Clearing 14,500 would be huge and signal a tremendous amount of upside with few technical obstacles.
That’s the way I see it, but let’s ask one of the best technicians on Wall Street.
Portfolio Approach
We added to Materials yesterday in our Hotline Model Portfolio.
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3/27/2024 1:40 PM | Mostly Higher |
3/27/2024 9:32 AM | U-TURN? |
3/26/2024 1:08 PM | Everything Is Up |
3/26/2024 9:42 AM | TAPPED OUT (I HOPE YOU AT LEAST GOT A T-SHIRT) |
3/25/2024 1:33 PM | Not A Mutiny |
3/25/2024 9:35 AM | STAYING THE COURSE…BEYOND TECH |
3/22/2024 12:56 PM | Toll on Americans |
3/22/2024 9:38 AM | A TAD TIRED |
3/21/2024 1:55 PM | Building on Gains |
3/21/2024 9:30 AM | A COMFORTING FED |
3/20/2024 1:33 PM | Pivotal Moment |
3/20/2024 10:00 AM | HERE COMES THE FED |
3/19/2024 1:33 PM | Picking Up Steam |
3/19/2024 9:35 AM | RUMBLINGS IN THE BOND MARKET |
3/18/2024 1:48 PM | Mag 7 is Back |
3/18/2024 9:39 AM | THE PARTY IN SAN JOSE WILL BE LIT |
3/15/2024 1:38 PM | Realtors Settle |
3/15/2024 9:33 AM | AN UNEASY PAUSE |
3/14/2024 1:43 PM | Sticky Inflation |
3/14/2024 9:48 AM | GOING TO A GO-GO |
3/13/2024 2:16 PM | Taking a Breather |
3/13/2024 9:51 AM | ALL SO EPIC |
3/12/2024 1:42 PM | Marching Higher |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
3/11/2024 1:41 PM | Sharpening Pencils |
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