Don’t look now, but Technology (XLK) woke up yesterday as investors cashed in some gains on safe haven names. With the ten-year yield edging to 3.476%, growth names are becoming more attractive.
Make no mistake, big tech gains were low but underscore the fact lots of would-be buyers are watching.
The market is on edge. The Atlanta Fed’s Wage Growth Tracker was updated yesterday, with the overall number nudging to 6.4% from 6.3%. Someone or something read this as inflationary, and the market hit an air pocket. Job leavers are getting paid as well as the 16-24 cohort.
We enter today’s session with a ton of angst and a market that wants to move higher. But investors are also ready to scramble to the closest foxhole.
There are no sector weighting changes today in the Hotline Model Portfolio.
The Producer Price Index surpassed consensus on the headline and core reads, but the trend is still in place.
The 7.4% read from year ago is down from 11.7 print in May and lowest since March.
Month to month did spike, but again, the trend is lower.
It’s all about food as energy prices have stalled and come down a tad.
|3/31/2023 1:37 PM||Leaving the Station|
|3/31/2023 9:37 AM||BRACING FOR INFLATION|
|3/30/2023 1:54 PM||Losing Some Steam|
|3/30/2023 9:36 AM||A FUNNY WAY OF BEING AFRAID|
|3/29/2023 1:37 PM||Bottom Fishers|
|3/29/2023 9:41 AM||TOO CALM AND COMPLACENT?|
|3/28/2023 1:31 PM||No Fireworks|
|3/28/2023 9:47 AM||TIME MACHINE RALLY|
|3/27/2023 1:34 PM||Holding Pattern|
|3/27/2023 9:59 AM||SUDDENLY, BULLISH IS WHERE ITíS AT|
|3/24/2023 1:25 PM||Magical|
|3/24/2023 10:14 AM||YELLENíS TWO-STEP TRIPS UP THE MARKET|
|3/23/2023 1:14 PM||Embarrassing Snafu|
|3/23/2023 9:37 AM||GOVERNMENT OFFICIALS PROTESTING TOO MUCH ††|
|3/22/2023 1:23 PM||All Quiet|
|3/22/2023 9:42 AM||THE MOMENT OF TRUTH #1,309|
|3/21/2023 1:12 PM||Lots of Questions|
|3/21/2023 9:49 AM||WHATíS INSIDE POWELLíS CRYSTAL BALL?|
|3/20/2023 1:58 PM||All Over the Place|
|3/20/2023 9:36 AM||FED COUNTDOWN BEGINS †|
|3/17/2023 1:45 PM||Banks Remain Vulnerable|
|3/17/2023 9:54 AM||FED VS THE FED (ITíS COMPLICATED)|
|3/16/2023 1:27 PM||Another Crazy Day|
|3/16/2023 9:53 AM||THRILL RIDE|
|3/15/2023 1:43 PM||Economic Data Overshadowed|
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