After watching people slap the hell out of each other (it has become a major sport), I’m wracking my brain on how I can turn these wild market gyrations into an amusement park ride. I’d call it ‘Extreme Fear’ or maybe ‘Extreme Fear Mongering.’ Still, five sectors edged into the plus column yesterday ahead of the closing bell.
Large-cap Technology (XLK) continues its remarkable ride in 2023 – picking the right moment to continue to defy conventional wisdom. So, stop trying to bury mega-caps; they aren’t dead yet.
By the way, rate hikes aren’t dead yet, either. The Street sees two additional 25-basis points (bps) hikes followed by a rapid series of rate cuts. That means the lag is gaining momentum, and before summer officially gets underway, Powell will pause and begin beating a hasty retreat.
Gold miners were the best-performing industry, but Internet continues its remarkable rally. The move in water is interesting as well.
Mega-Cap Picks Up Steam
The NASDAQ 100 (NDX) has significantly outperformed the SPDR S&P 500 ETF (SPY). ,The chart looks great (cup and handle formation) and there could be much more upside.
The S&P Technology Sector (XLK) has held up above key moving averages and makes a major breakout with a close above 144.
We continue to keep our Current Buys suspended this morning.
The European Central Bank has hiked rates by 50bps this morning, as they promised. The street was hoping for no rate hike, which would have added more pressure on the Federal Reserve. The press conference starts soon.
Lots of data out this morning, but the hit to Philly Fed stands out. 23.2 consensus -14.7.
Prices are coming down significantly.
|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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