Morning Commentary
It was a very quiet session yesterday, but one that found a way to grind higher. Market breadth was very impressive as there were actually more new highs than lows on the NYSE, which continues the trend that’s been in place since late September. Advancers on NYSE and NASDAQ far outpaced decliners as well.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,368 |
2,892 |
Decliners |
807 |
1,839 |
New Highs |
76 |
139 |
New Lows |
68 |
263 |
Up Volume |
2.77 billion |
2.80 billion |
Down Volume |
1.10 billion |
1.37 billion |
Watching to see if there is any traction with new highs versus new lows – each time the tide higher appeared to be gaining momentum, the trend has quickly reversed itself.
More Breadth Signals
The number of names in the S&P 500 changing hands above their 200-day moving average has now reached 60.
Very few specs of red underscores built-in audiences for each investing style are ready to pounce with the right impetus.
Economic Data
Durable goods came in at +1.0% beating consensus while business investments were an even bigger positive surprise.
Initial Jobless Claims
Initial jobless claims climbed to 240,000 against consensus of 225,000. This number continues to loom larger as we get ready to focus on the jobs report next week.
Continuing claims edged higher to 1.55 million from 1.50 million.
Recession Anyone?
Meanwhile, the 10y2y inversion reached -0.76% the lowest since 1981. Still, the recession debate roars on with good points from both sides.
Portfolio Approach
There are no sector weighting changes in our Hotline Model Portfolio today.
Tweet |
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 |
3/12/2024 9:25 AM | ROTATION IN FULL SWING |
3/11/2024 1:41 PM | Sharpening Pencils |
3/11/2024 9:38 AM | BUYING THE DIPS |
3/8/2024 1:51 PM | Stocks Wobble |
3/8/2024 9:45 AM | A COUPLE OF JUGGERNAUTS |
3/7/2024 1:48 PM | Back In Charge |
3/7/2024 9:33 AM | ON AUTOPILOT |
3/6/2024 1:24 PM | Not Yet |
3/6/2024 9:34 AM | TOUGH IT OUT |
3/5/2024 1:16 PM | Stumble |
3/5/2024 9:49 AM | OLD-SCHOOL SIGNS OF LIFE |
3/4/2024 1:34 PM | Mixed Start |
3/4/2024 9:51 AM | PROMETHEUS & MARKETS UNBOUND |
3/1/2024 1:19 PM | Starting on a High |
3/1/2024 9:36 AM | NEW HIGHS BEGET NEW HIGHS |
2/29/2024 1:17 PM | TMI |
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