Afternoon Note
Most indices are relatively higher today, with the Nasdaq Composite leading the way again, up 0.49%. Quarterly results continue to be the main focus and will continue to be next week, with Tesla (TSLA) taking the center stage.
Only two sectors are in the red with the biggest loser being Energy (XLE). Communication Services (XLC) takes the lead, up 0.8%, after Netflix (NFLX) posted earnings that beat both earnings and revenue.
The downward movement in Energy (XLE) comes as oil once again dips below the critical $70 level.
On a similar note, Gold is also having a strong performance today, up 0.9%.
Market breath is decidedly positive, as up volume dwarfs down volume, new highs continue to far outpace new lows, and there are more advancers than decliners.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,511 |
2,335 |
Decliners |
1,211 |
1,700 |
New Highs |
154 |
153 |
New Lows |
10 |
36 |
Up Volume |
816.01 million |
2.02 billion |
Down Volume |
555.62 million |
691.73 million |
The Fear & Greed Index is right on the edge of flipping to Extreme Greed.
Fed Governor Weller made comments today indicating a slower rate cut pace with more caution.
"While we do not want to overreact to this data or look through it, I view the totality of the data as saying monetary policy should proceed with more caution on the pace of rate cuts than was needed at the September meeting" - Christopher Waller
On the economic front, September Housing plunged, but single-family homes are still being built. Completion surged related to Starts and Permits, helping clear the backlog.
Tweet |
11/13/2024 1:21 PM | Rate Cut Bets |
11/13/2024 10:01 AM | RENEWED HOPE FOR PEACE & STRENGTH |
11/12/2024 1:33 PM | Profit Taking Tuesday |
11/12/2024 9:47 AM | FLAME ON |
11/11/2024 1:07 PM | Tired Rally |
11/11/2024 9:49 AM | The Markets Are Pumped |
11/8/2024 1:04 PM | Stellar Week |
11/8/2024 9:47 AM | POWELL GETS TOUGH (WITH TRUMP, NOT INFLATION) |
11/7/2024 12:57 PM | Rate Decision |
11/7/2024 9:55 AM | THE SWAGGER IS BACK |
11/6/2024 1:25 PM | Trump Trade Bonanza |
11/6/2024 9:47 AM | Election Rally |
11/5/2024 12:54 PM | Holding the Script |
11/5/2024 9:50 AM | VOTE, AMERICA |
11/4/2024 1:32 PM | Election Fear |
11/4/2024 9:55 AM | THE CANARY SQUAWKS |
11/1/2024 1:10 PM | Lots of Excuses |
11/1/2024 9:33 AM | LEAD BALLOONS |
10/31/2024 1:52 PM | Difficult Sledding |
10/31/2024 10:01 AM | TOO COCKY? |
10/30/2024 1:45 PM | Check Time |
10/30/2024 9:44 AM | GENERALS LEAD…KEEP UP IF YOU CAN |
10/29/2024 1:47 PM | All Eyes on Google |
10/29/2024 9:09 AM | DJT SETS THE PACE |
10/28/2024 1:43 PM | Busy Week |
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