Morning Commentary
It was an equal opportunity drubbing on Friday as the only thing higher was the ‘fear index.’
Delicious Irony
The fact that Apple (AAPL) was higher was a delicious (pun intended) irony, considering the mavens all agree the stock won’t shine as it did in the past. Buying insurance names makes sense, considering the industry’s recent pricing power.
There was some buying into the closing bell… let's call it nibbling.
Breadth & Bounce Back
Market breadth was a disaster, especially for the New York Stock Exchange (NYSE), which endured 2,388 decliners against only 449 advancers. But the volume tells the story: 292 million up volume offset by 3.65 billion down volume.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
449 |
1,019 |
Decliners |
2,388 |
3,235 |
New Highs |
63 |
49 |
New Lows |
60 |
209 |
Up Volume |
292.61 million |
1.08 billion |
Down Volume |
3.65 billion |
3.45 billion |
Great work from Hi Mount Research, underscoring that the NYSE daily volume ratio hasn’t bounced back as usual. Are the bulls losing their nerve?
Last week, the market was hit with many earnings stumbles, higher inflation, and perhaps some selling to pay taxes. Add geopolitical tensions, and maybe, things could have been worse.
Today’s Session
Retail sales came in better than expected and February was revised higher.
Interestingly, there were declines in motor vehicles, furniture, electronics, clothing, and sporting goods. Gasoline stations surged 2.1% and grocery stores +0.5%, which might have more to do with inflated prices than an uptick in demand.
On the earnings front, Goldman Sachs (GS) blew away Wall Street consensus. The stock opened at $407.
Bond yields are higher and that is not good news.
Tweet |
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 |
More commentary archives |
Home |
Products & Services |
Education |
In The Media |
Help |
About Us |
Disclaimer | Privacy Policy | Terms of Use | All Rights Reserved.
|