Morning Commentary
I’m still musing about that session on Friday that was supposed to be a disaster. It wasn’t. But it was more defensive, and cyclicals also came to life.
Volume was light, but there were more new highs than lows on the NASDAQ – great sign.
Small Caps Roar
It’s been a good earnings season for small caps, which have begun to catch bids in part because they were so oversold. The S&P 600 Index is changing hands at a forward PE of 12.3%. The chart is very compelling but runs into wall of resistance that takes it to the shadow of the 200-day moving average.
In June, less than 15% of the SML were trading above their 100-day moving average. Now, the number is above 43, but there is a lot more room on the upside.
Meanwhile, the ten- and two-year yield curve inverted to -0.497%, which screams recession.
Today’s Session
The market was building a lot of steam heading into the open when Nvidia (NVDA) issued a big earning warning. That knocked some of the wind out of the move.
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6/6/2023 1:23 PM | Resolve and Opportunity |
6/6/2023 7:28 AM | RUNNING OUT OF STEAM |
6/5/2023 1:33 PM | So Far So Good |
6/5/2023 9:57 AM | WHAT A TRIP |
6/2/2023 1:37 PM | Jobs Rally |
6/2/2023 9:56 AM | JOBS REPORT ON DECK |
6/1/2023 1:48 PM | Fascinating Resolve |
6/1/2023 9:32 AM | A Punt Not a Pause? |
5/31/2023 1:31 PM | Rolling Over |
5/31/2023 9:44 AM | PAUSE TO ASSESS |
5/30/2023 1:50 PM | Nvidia Jumps |
5/30/2023 9:50 AM | FREE PASS FOR $5.0 TRILLION MORE IN DEFICIT SPENDING |
5/26/2023 1:23 PM | Happy 127th Birthday Dow Jones Industrial Average |
5/26/2023 9:48 AM | Generals Only |
5/25/2023 1:37 PM | Intel Sinks as Nvidia Pops |
5/25/2023 9:55 AM | SURPASSING THE HYPE |
5/24/2023 1:28 PM | A Little Cynical |
5/24/2023 9:38 AM | PRESSURE BUSTS PIPES |
5/23/2023 2:03 PM | Uncertainty Continues |
5/23/2023 9:33 AM | NEW HIGHS ON THE RISE |
5/22/2023 1:44 PM | Somewhat More Positive Day |
5/22/2023 9:48 AM | THE X FACTOR IS EVERYTHING |
5/19/2023 1:49 PM | Debt Ceiling Hiccup |
5/19/2023 9:47 AM | THIS IS IT? |
5/18/2023 1:54 PM | Market Mixed |
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