Yesterday, the market was swaying back and forth. Around 2 PM, the air started coming out of the rally,  the major indices started drifting, and then started plunging.

By the closing bell, stock sellers overwhelmed buyers.

The session ended in a shooting star candlestick formation that saw the S&P 500 close at the low of the day. It was an interesting move for a session that had fended off several Fed speakers and news about major layoffs at Amazon (AMZN).

But there was never significant conviction.

Market breadth was decidedly negative by the closing bell, as each S&P 500 sector closed lower – save for Health Care (XLV), which finished unchanged.

Market Breadth	NYSE	NASDAQ
Advancers	941	1,801
Decliners	2,267	2,900
New Highs	54	83
New Lows	24	113
Up Volume	1.38 billion	1.81 billion
Down Volume	3.16 billion	3.15 billion

There was not much green on the Heat Map, as there was never a theme to the session.

Calendar

Starting today, we get a ton of economic data and key earnings from Walmart (WMT) and Home Depot (HD).

The past year hasn’t been that good for these two powerful retailers, with shares mostly lower one week after posting results.

1-Week Reaction	Nov 2021	Feb 2022	May 2022	Aug 2022
HD	+10.2	-8.9	-3.4	-0.8
WMT	-1.4	+1.1	-17.3	+1.5

More retailers will post results this week and of course the Retail Sales report will be out tomorrow. For today, the Producer Price Index (PPI) report will add clarity to the inflation picture and probably prove again that businesses are profiteering all wrong.

The Arc of Life

Today is my birthday, and it’s really a blessing. There is no way I was supposed to live this long coming up in the neighborhood we lived in when I graduated from high school.

Now, when I look at the traditional hours spent as I age further, it comes with much melancholy because just about everything fades. The great news is just as I overcame the odds to reach this milestone, I have the chance to change the trajectory of time spent.

The curve, bend it higher along with grandchildren, catch more shows, and play more cards with my friends. But I’ll still do what I love doing most: working on the Hotline and helping our clients.

Portfolio Approach

We took profits in a position in Industrials yesterday and are adding a new position in Consumer Discretionary in our Hotline Model Portfolio this morning. If you are not currently a subscriber to our premium Hotline service, email Info@wstreet.com to get started today. 

Today’s Session

Lots to digest this morning and most of it is good.  Some of the reports came in very good and that has the market popping this morning.

At the top of the list, Producer Prices came in better-than-expected year to year and month to month.

On the earnings front, Walmart (WMT) with huge beat and solid guidance. Home Depot (HD) posted solid results as well, although, flat guidance is weighting on the shares into the open.

Producer Prices

PPI Year to Year	Actual	Consensus	Prior
Headline	8.0%	8.3%	8.5%
Core	6.7%	7.2%	7.2%

CPI Month to Month	Actual	Consensus	Prior
Headline	0.2%	0.4%	0.4%
Core	0.0%	0.3%	0.3%

Corporate Earnings

Walmart

Home Depot

Comments

Happy Birthday Charles. God bless you!! Shaun Crosswhite on 11/15/2022 9:19:26 AM

HAPPY BIRTHDAY to the best business commentator on television. Terrific analyst and in depth research fellow. Many Happy and successful years ahead. GOD BLESS Wayne F Carr on 11/15/2022 10:04:23 AM

Charles, Happy Birthday and God's Blessings to you and your family. You are a bright star in a not so positive world right now. Sincerely, Ken Wakeen ken wakeen on 11/15/2022 10:04:57 AM

Happy Birthday Charles - Scorpio Power! LOL Raul Diaz on 11/15/2022 10:06:07 AM

HAPPY BIRTHDAY Charles!!! Norm on 11/15/2022 10:17:51 AM

Happy Birthday and congrats on announcing your retirement from active money managing. Yes, we can read the tea leaves too, y'know. TL in TX on 11/15/2022 10:43:22 AM

Happy Birthday Charles! Blessings to you and your family. Craig on 11/15/2022 10:45:26 AM

Happy Birthday Charles! Best wishes to you and your family. You are the best analyst and an all around great human being! Tom on 11/15/2022 11:32:37 AM

Happy birthday Charles. I watch you every day on FBN. Feels like you are a part of the family. God bless you and yours. robert brush on 11/15/2022 12:04:40 PM

Happy Birthday Charles!! Scott Welch on 11/15/2022 12:05:20 PM

Happy Happy Happy Birthday !! Mark Keaton on 11/15/2022 6:19:52 PM

Happy Birthday, Charles! Patricia Flynn on 11/15/2022 9:32:32 PM

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