Afternoon Note
The University of Michigan Consumer Sentiment declined for the first time in four months (preliminary data). The survey, around 85% of it, was completed before the bank headlines started. There is a great possibility sentiment has gotten worse since then. There is a silver lining, however, as inflation expectations slowed for both 1-year (3.8% vs. 4.1% last month) and 5-year (2.8% vs.2.9% last month).
Banks are getting rocked again. The SPDR S&P Regional Banking Index ETF (KRE) is down 5.5% and Financials is the worst performing sector.
Market breadth is overwhelmingly bearish.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
471 |
1,027 |
Decliners |
2,516 |
3,180 |
New Highs |
11 |
26 |
New Lows |
165 |
245 |
Up Volume |
443.8 million |
1.10 billion |
Down Volume |
2.58 billion |
2.20 billion |
Today is Quadruple witching day, when market index futures, market index options, stock options and stock futures expire. So, expect heavy volume into the close.
Have a great weekend.
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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 IT’S AT |
3/24/2023 1:25 PM | Magical |
3/24/2023 10:14 AM | YELLEN’S 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 | WHAT’S INSIDE POWELL’S 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 (IT’S 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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