Morning Commentary
The stock market continues to put on a brave face in front of the debt ceiling drama and negative tones from Federal Reserve officials. Yesterday, small caps stood out as the Russell 2000 rallied +1.2%.
Small caps have languished, but the tone could change big time with the iShares Russell 2000 ETF (IWM) closing above 180.0. So many major indices are on the cusp of significant breakouts. Failures could result in retesting recent lows.
S&P 500
There were several themes in yesterday’s session:
Internals Improving
Make it three straight sessions with more 52-week highs than lows on the New York Stock Exchange (NYSE) and the NASDAQ. It’s noteworthy but just a blip on the radar – for the moment.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,791 |
2,843 |
Decliners |
1,194 |
1,646 |
New Highs |
49 |
115 |
New Lows |
35 |
100 |
Up Volume |
2.41 billion |
3.01 billion |
Down Volume |
1.25 billion |
1.24 billion |
Letters, soundbites, and working the media (I would say referees, but that would imply unbiasedness) as the nation barrels toward the “X-Date” (no cash).
Each side makes the right overtures. But it’s still unlikely a deal will happen today. Some say we could go the entire week without a deal.
Portfolio Approach
We closed one stock yesterday in our Hotline Model Portfolio.
Today's Session
Market opened lower after President Joe Biden and Speaker Kevin McCarthy's debt-ceiling talks yesterday ended with a more optimistic tone, but without a deal.
Comments |
Charles, Watch your show every day. You look like you've lost weight. Looking good young man. I jot down almost all the symbols from your guests and plug them into my TDAmeritrade watch list. You've made me far more than I've lost. Keep up the good work. Dwight on 5/23/2023 10:19:25 AM |
Tweet |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
4/15/2024 1:17 PM | Making a Statement |
4/15/2024 9:45 AM | Equal Opportunity Drubbing |
4/12/2024 1:37 PM | Pressure Overall |
4/12/2024 9:42 AM | WHO YA GONNA CALL? |
4/11/2024 1:38 PM | No Urgency |
4/11/2024 9:27 AM | Tough Sledding |
4/10/2024 1:22 PM | Hang In There |
4/10/2024 9:51 AM | HERE COMES THE LATEST RATIONALE FOR PERSISTENT INFLATION |
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