Morning Commentary
Yesterday was a powerful session with Communication Services (XLC) leading the way.
There were lots of Technology (XLK) names that were up, but not the ones you would expect. Some bottom fishing is going on as Tesla (TSLA), Match Group (MTCH), and Enphase Energy (ENPH) posted substantial gains.
Bonds & Spiking Yields
Things happening in the investment complex are being completely ignored. The rise in bond yields is screaming something isn’t right. I’m not saying there should be a stampede for the exits, but these yields are edging higher, and not by a little bit. These are substantial moves. These moves can send stock investors into traditional safe havens or to the sidelines.
Breaking key resistance could break hearts. That ten-year yield is on the cusp of the kind of breakout that makes it harder to believe there will be a soft landing.
Yesterday, swaps began to reflect a less-than-50% chance of a rate cut in June.
For now, all of this might as well be happening on the moon's dark side.
Pass the Dice
When I was a teenager, I was great at playing dice. My game was Cee-Lo. The more the crowds swelled, the better the game was. Looking at the options activity right now, it seems like the biggest game of Cee-Lo ever.
Lots of housing data today.
Today’s Session
This morning, housing starts and permits came in better than expected; although, the latter lagged the former.
Housing starts were +35.2% from a year ago for single family, but it was -35.9% on multifamily.
Permits were +6.0% from a year ago on single family, but it was -23.8% for multifamily.
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7/26/2024 1:36 PM | Friday Recovery |
7/26/2024 9:29 AM | WRAPPED AROUND YOUR FINGER |
7/25/2024 12:58 PM | A Look at GDP |
7/25/2024 9:57 AM | TURNING THE PAGE ON RESOLVE |
7/24/2024 1:49 PM | Vulnerable Market |
7/24/2024 9:47 AM | Mega Misses |
7/23/2024 1:04 PM | Lay Summer Session |
7/23/2024 9:25 AM | MOST EXPANSIVE BREADTH = GREATER OPTIMISM |
7/22/2024 1:23 PM | Rebounding |
7/22/2024 9:47 AM | WILL THE HUNT FOR VALUE CONTINUE? |
7/19/2024 1:32 PM | Under Pressure |
7/19/2024 9:56 AM | STAR FOR ONLY A WEEK? |
7/18/2024 1:30 PM | All Eyes on Netflix |
7/18/2024 10:18 AM | BIG BETS ON TRUMP TRADE |
7/17/2024 1:37 PM | Technology Troubles |
7/17/2024 9:59 AM | EMPHATIC! |
7/16/2024 12:44 PM | AI Drifting Lower |
7/16/2024 9:52 AM | NEW KIND OF WINNING |
7/15/2024 1:32 PM | Small Caps On The Move |
7/15/2024 9:50 AM | FULL SPEED AHEAD |
7/12/2024 12:56 PM | Intriguing Small Caps |
7/12/2024 9:48 AM | IT’S GOOD TO BE THE KING |
7/11/2024 1:25 PM | Equal Weight Comeback? |
7/11/2024 9:42 AM | CALLING ALL STOCKS |
7/10/2024 1:15 PM | Rally Broadens |
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