Morning Commentary
It has been a rough 36 hours going in the weekend, as the S&P 500 lost 5.3% from Thursday’s high to Friday’s close. Breadth was turning around midweek, but they have completely turned negative.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
538 |
1,167 |
Decliners |
2,803 |
3,547 |
New Highs |
20 |
43 |
New Lows |
212 |
643 |
Up Volume |
615.06 million |
1.14 billion |
Down Volume |
4.21 billion |
3.40 billion |
As has been the case, there was no place to run and no place to hide.
Heat Map - It’s easier to find signs of water on Mars than green last Friday.
I think the there is too much pessimism out there, including put-call ratio that goes back to March 19- the session before the market bottomed from Pandemic panicking.
Portfolio Approach
We closed a position in Consumer Discretionary in our Hotline Model Portfolio.
Today's Session
Watch commodities and inflation proxies today.
Peak Inflation? |
|
WTI |
-4.68% |
Gold |
-1.90% |
Silver |
-2.82% |
Copper |
-2.51% |
Soybeans |
-1.27% |
CRB |
-1.61% |
There is another issue for the market, and that is China’s continued clumsy handling of Covid-19 and the zero-tolerance policy, which has been ineffective in curbing spikes in large cities.
This week, we get a big turn, and while we would be range-bound, the upside is big enough to make big gains.
This is a short morning commentary because a ton of work was put into Payne’s Perspective, and I want to offer it to everyone. In fact, I’m urging everyone to take advantage of the report. To read the full report, click here.
Comments |
Thank you Charles for your daily commentary. It is much appreciated. I never miss a FBN show with you. Also it is incredibly magnanimous of you to let everyone access your Payne's Perspective. You are one classy man. Ken Wakeen Ken Wakeen on 4/25/2022 9:58:49 AM |
The full report "Paine's Perspective" embedded in today's commentary is top notch research, My Dear Man. Thank You!!! A MUST READ for all of Charles' followers. Charles Haselberger on 4/25/2022 1:03:38 PM |
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