Yesterday, the S&P 500 closed +0.0029%, which suggests tectonic plates are pushing to the point of something major happening very soon.
There was some profit-taking (we also sent out several alerts, so check with your rep and please update your Portfolio tracker). Still, the real story was the continued slide in crude oil, as West Texas Intermediate (WTI) trades back under $70.00 a barrel. Consumer Staples (XLP) took it on the chin hard, and other ‘havens’ stumbled on the session.
Lots of red on the screen as decliners led advancers on the New York Stock Exchange (NYSE) and the NASDAQ Composite.
Chip names dominated the biggest advancers list, which also saw bottom fishing.
Interpretations of the Economy
The Dallas Fed Manufacturing Report was a disaster. General Business Activity -29.1 against the consensus of -18.0, and various components display major pressure.
Primary metal manufacturing
Consumer Confidence was better than the consensus but dipped to a six-month low, as expectations are on the cusp of falling through a trapdoor.
But the Street sees a greater chance of a 25-basis points (bps) rate hike in two weeks.
NVDA & $1 Trillion Market Cap Club
By now, you know this kind of stuff isn’t that interesting to me other than being an amazing milestone. I’m much more concerned about the next move. Nvidia (NVDA) is the name to add to your ‘buy the dip’ list for the foreseeable future.
We took profits on 2 positions in our Hotline Model Portfolio yesterday. To subscribe to our premium Hotline service, contact your account representative or email Info@wstreet.com to get started today.
Today has that anti-climactic ‘sell the news’ vibe, which is fine and maybe overdue. The debt ceiling deal moves closer to becoming law. It is a terrible deal filled with contradictions and loopholes. There is no real fiscal restraint, and it makes the entire drama a bigger farce than usual.
Nevertheless, the market returns its attention to the Fed, which is now seen hiking this month’s FOMC gathering.
Watching airlines after American Airlines (AAL) upped its guidance.
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