Morning Commentary
The giddy-up has occasional hitches, but the market is moving higher on infectious momentum.
Middle East Heats Up Even More
Last Friday, Energy (XLE) staged a massive move after the news about the killing of Hezbollah’s leader. Technology (XLK) got smacked pretty well, holding down the S&P 500, but buyers are more comfortable spreading the love.
I'm watching small-caps closely this week for a potential iShares Russell 2000 ETF (IWM) breakout.
Jay Powell at the Plate
Fed chairman Jay Powell speaks at the National Association of Business Economics today. Everyone hopes for clarity as the consensus sees another 50-basis points (bps) rate cut in November.
Meanwhile, the S&P 500 is lifting off without testing the old support point, which is a characteristic of a melt up. I would have preferred testing that old resistance point, holding it, and then turning it higher.
Today’s Session
China’s stock market continues its monster spike higher as more bad economic news invites more speculation on additional stimulus. Packages announced thus far are estimated to top more than $500 billion.
The narrative is that the market anticipates a bump in the economy. That’s specious considering the size of the move.
Meanwhile, it's going to be a quiet session until later today when Jay Powell weighs in. It is where the new easing cycle goes from here.
Comments |
Less government - Less problems - just sayin D Holder on 9/30/2024 10:30:32 AM |
80% chance they will strike with a quick intervention by the Biden administration to shore up the presidential vote. Glen Meinecke on 9/30/2024 10:56:33 AM |
Yes. What govt? James Madison on 9/30/2024 12:22:27 PM |
Really bad timing - they won't win a lot of support doing this now. Patricia Flynn on 9/30/2024 6:20:16 PM |
Tweet |
4/21/2025 1:23 PM | Magnificent Seven Slide |
4/21/2025 9:44 AM | LONG WEEK |
4/17/2025 1:12 PM | Morning Recovery |
4/17/2025 9:38 AM | POWELL PUNT |
4/16/2025 1:16 PM | Semiconductor Shift |
4/16/2025 9:34 AM | AIRLINES TAKING OFF IN A RECESSION? |
4/15/2025 1:17 PM | Narrow Range |
4/15/2025 9:48 AM | TURN THOSE MACHINES BACK ON, MAYBE? |
4/14/2025 12:41 PM | Race to Reshore |
4/14/2025 9:50 AM | LESS FEAR BUT MORE CONFUSION |
4/11/2025 1:19 PM | Yields Surge |
4/11/2025 9:51 AM | FINDING SEA LEGS |
4/10/2025 1:28 PM | Markets Seesaw |
4/10/2025 9:52 AM | THIS IS A GREAT TIME TO BUY!!! DJT |
4/9/2025 12:52 PM | Bumpy Wednesday |
4/9/2025 9:53 AM | YOU’D BEST START BELIEVING IN TRADE WARS |
4/8/2025 1:20 PM | Losing Steam |
4/8/2025 9:32 AM | FINDING BALANCE |
4/7/2025 12:57 PM | Watching The Tape! |
4/7/2025 9:43 AM | BRACING FOR MORE |
4/4/2025 1:28 PM | Powell Sets The Tone |
4/4/2025 9:33 AM | (ALMOST) CLASSIC CAPITULATION |
4/3/2025 1:36 PM | Hang In There |
4/3/2025 9:50 AM | FIGHTING BACK WITH NEW RULES |
4/2/2025 1:10 PM | A Win-Win Position |
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