Morning Commentary
How sweet it is to be loved by you
How sweet it is to be loved by you
I needed the shelter of someone's arms
And there you were
I needed someone to understand my ups and downs
And there you were – James Taylor
It was another ugly week, but Friday’s session was such a relief that it had me singing James Taylor songs. Unfortunately, volume was light, and there were only 44 new highs. Still, it was hopeful as every sector finished higher.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,605 |
3,134 |
Decliners |
632 |
1,386 |
New Highs |
9 |
35 |
New Lows |
85 |
164 |
Up Volume |
2.99B |
2.79B |
Down Volume |
516.7M |
1.04B |
Same Tide
On the Bank of America Bull & Bear Indicator ‘Flashing Huge Buy Signal’ – everyone is bearish. The same tide lifts all ships, although Financials (XLF) clearly enjoyed the biggest part of the wave.
Investors are gunning for big gains to make up for big losses, which means going back to tech – profitable and non-profitable.
Earning Season has begun. And here are a few big names that have reported thus far:
Portfolio Approach
There are no sector weighting changes this morning in our Hotline Model Portfolio.
Today’s Session
Positive reactions to earnings from key financial players, including Goldman Sachs (GS) and Bank of America (BAC), where the CEO continues to talk up the strength of the American consumer. From Chair and CEO Brian Moynihan:
“Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels. Loan growth continued across our franchise and our markets teams helped clients navigate significant volatility reflecting economic uncertainty. As we enter the second half of the year, we believe we are well-positioned to deliver for our shareholders while continuing to invest in our people, businesses and communities.”
The XLF makes a major breakout through 32.60.
Tweet |
3/28/2024 1:39 PM | Fruitful Quarter |
3/28/2024 9:50 AM | LISTEN TO THE MARKET |
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 |
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