Under normal circumstances, I would have said the market went out of the week with a whimper, but all things considered, Friday was an impressive session.

Still, market breadth leaned bearish, especially for the NASDAQ Composite.

Market Breadth	NYSE	NASDAQ
Advancers	1,526	1,979
Decliners	1,381	2,361
New Highs	48	42
New Lows	96	249
Up Volume	1.80 billion	2.01 billion
Down Volume	1.40 billion	2.16 billion

Heat Map

Nvidia (NVDA) and Apple (AAPL) struggled all week and will need to make a stand this week or see die-hard holders' reconsider.

We are also watching the U.S. Dollar (DXY), which has quietly marched above key moving averages. I want to see it lower.

This week, we got information on the state of the U.S. consumer and other reports that will amp the Fed’s guessing game with more signs of Powell & Co. believing they are very close to saying ‘mission accomplished.’

And then there’s crude oil and talk of $100 a barrel. Saudi Arabia’s oil cut has the desired effect, but it means higher oil prices when the administration cancels contracts with the oil industry.

Portfolio Approach

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Today’s Session

The futures are looking at a positive open across the board.  Bond yields are up once again, but the strong dollar is taking a breather.  Tesla (TSLA) is helping drive the gains with an upgrade this morning.  The stock is trading at $265 in the pre-market. 

Finally, Never Forget

My dream as a teenager was to work downtown on Wall Street. It was all about the hustle and excitement of the world's financial center. Getting off the subway train at the Wall Street stop provided an instant adrenaline spike.

I loved it.

And there was no better symbol for those go-go days than the World Trade Center. They were living up to the hype from the moment they were erected. I saw them just about every day, as my gym was only two blocks away.

Then, one day, they were gone. The masterminds behind the dastardly act figured once those towers e fell, so, too, would the American spirit.

On the contrary, it galvanized our determination as a nation. It sparked a wave of unity many thought impossible. That unity has faded away. And the American spirit is fractured, but no cowardly act will ever defeat America.

We will never forget.

 

Comments

Well said Charles. Bob McCarthy on 9/11/2023 10:40:38 AM

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