Morning Commentary
There’s an old saying to as, “Go fly a kite!” which is used dismissively, not unlike the old W.C. Fields line, “Go away kid, you bother me.” I was kind of reminded of both as I watched yesterday’s session. Although it’s “Like watching paint dry”, it was also apropos. Still, I am digging the new highs to lows on the New York Stock Exchange (NYSE).
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,798 |
2,318 |
Decliners |
1,455 |
2,373 |
New Highs |
83 |
66 |
New Lows |
54 |
201 |
Up Volume |
2.75 billion |
2.45 billion |
Down Volume |
1.56 billion |
2.13 billion |
I am also still digging the continued recovery in mega-cap names.
Sector Watch
And ‘the last shall be first’ continues to be the theme as bottom-fishers keep nibbling on oversold names.
The action in bond yields tripped up stocks – the question is whether that 40-year rally is truly over.
The damage in the bond market cannot be understated. If the year ended yesterday, it would be the worst year ever.
Some buy-on dippers showed up a couple of weeks ago – if that’s it, then look for the long-predicted Great Rotation in stocks.
Right now, the market waiting for the Consumer Price Index (CPI) report on Friday, and it’s a simple equation:
Portfolio Approach
There are no changes this morning to our Hotline Model Portfolio.
Today’s Session
Equity futures have been under pressure all morning long, but buyers were nibbling here and there. Then news from Target (TGT) sealed the deal for a lower start to the session.
Citing its massive inventory build, Target significantly lowered its guidance for the current quarter.
I’m surprised how hard the news hit the market. It had to happen and was the reason we closed out the position. I also used it as a lesson on recent Payne’s Perspective
To read the report, click here.
Comments |
There's another old saying: "Sell in May and Go Away." Looks like 2.65% support level on the 10 year held with the rebound to 3% (which I believe is now support. The recent pullback being a test of the 3% support level). What do you think? CP Charles Haselberger on 6/7/2022 10:37:49 AM |
PS: Thanks Much for the access to the latest Payne's Perspective. ALWAYS a worthwhile read! Charles Haselberger on 6/7/2022 10:39:32 AM |
Tweet |
7/2/2025 1:44 PM | Materials' Strength Continues |
7/2/2025 9:38 AM | BARNBURNER |
7/1/2025 1:29 PM | Rotation |
7/1/2025 9:45 AM | FEAR OF MISSING OUT IS CREEPING IN |
6/30/2025 1:24 PM | Steady As She Goes |
6/30/2025 9:54 AM | SUMMER RALLY STARTS |
6/27/2025 1:35 PM | Reaching New Heights |
6/27/2025 9:39 AM | THERE'S MORE! |
6/26/2025 1:10 PM | S&P Approaches Record |
6/26/2025 9:51 AM | CHIPS MOMENTUM CONTINUES |
6/25/2025 1:42 PM | Tech Stocks Power Nasdaq 100 |
6/25/2025 9:47 AM | CLIMBING MOUNTAINS OF WORRY |
6/24/2025 1:47 PM | Peace Rally |
6/24/2025 9:48 AM | PEACE THROUGH STRENGTH: THE MARKET LOVES IT |
6/23/2025 1:47 PM | Getting Some Resolve |
6/23/2025 9:51 AM | BRACING |
6/20/2025 1:29 PM | Second Triple Witching |
6/20/2025 9:38 AM | POWELL BLEW IT |
6/18/2025 12:41 PM | FED Day |
6/18/2025 9:45 AM | ROOM WITH A VIEW |
6/17/2025 1:26 PM | Tension Continues |
6/17/2025 9:50 AM | THE BIG TECH TEN & CO |
6/16/2025 1:34 PM | Fears Subside |
6/16/2025 9:44 AM | DRUMBEATS OF PEACE |
6/13/2025 1:30 PM | Showing Resilience |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|