Morning Commentary
A brutal week finished with a dollop of hope. Top advancers saw familiar Technology (XLK) names and older fan favorites like Ulta Beauty (ULTA).
Out of the Tech Wreck
Technology soared but still has a ways to go to regain its swagger (close above the 200-day moving average first test).
Despite the narrative of rotation, investors continue to find their way to the “Mag Seven.”
Heat Map
Buyers had a smorgasbord of sold-off names to pick from, so most names fetched a bid.
The market is nestled deeply in the extreme fear zone (since February 25).
Interestingly, the Citigroup Market Sentiment gauge is still at the lower bound of euphoria.
I think the tariff narrative will shift toward a hope for resolution. Still, the fact is that America would be smart and patriotic to stick to them for a few years as we brought back manufacturing, and trained up the population.
Today’s Session
Lots of economic data came out this morning, nudging the market.
Retail Sales
You might hear that retail sales came in less than expected, but on balance, this was a good retail sales report.
Gains in February, adjusted for major negative revisions in January, must be considered.
Ex-autos & gas is a nice beat.
The control group (core) is a substantial beat, crushing consensus. A massive reversal from the revised January print.
There is less discretionary spending, with the decline in restaurants and bars standing out the most. However, there was a strong pop in health and personal care which could be part of the new zeitgeist (MAHA).
I am unhappy with the Empire Fed Manufacturing report, which we will discuss in the afternoon.
A special thank you to everyone that participated in the “State of the Market” call on Saturday – huge attendance and lots of great questions.
Comments |
Nice to see all that green on Saint Patrick's Day! Patricia Flynn on 3/17/2025 6:58:03 PM |
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