It was a boring Federal Open Market Committee (FOMC) question-and-answer period. However, it was curious that Jay Powell & Co. are still fixated on inflation as much as labor. The media let him off the hook on his comments about President Trump. There were two dissenters who wanted rate cuts (some say Fed Gov. Waller also raised his hand for the chairman’s job).

On Your Mark, Get Set, Go!

The market never got off the dime yesterday.  It was one of the narrowest trading sessions I've ever seen. Energy (XLE) was higher, and Technology (XLK) rode the wave of strong earnings to finish in the green.

Big Boys Carry the Load

There were far more decliners than advancers for the New York Stock Exchange (NYSE) and NASDAQ, but the latter ticked a new all-time high. 

The NASDAQ Composite has traded above the 50-day moving average for months, but hasn’t been able to break out. There must be more sparks to get a true liftoff.

The Cavalry

When it comes to the “Mag Seven” financial results, the numbers are so large that it's difficult to assess success. They are all amazing to me, but obviously, they have been stuck and need a spark.

After the close, Meta Platforms (META) and Tesla (TSLA) popped more than 7%, but Microsoft (MSFT) sagged. I still think META is spending too much and losing too much on ‘Reality Labs,’ but the Street was happy.

“Mag Seven” is doing its part, but the other 493 companies in the S&P (SPX) must step up.

Today’s Session

The hot investment areas remain hot, as earnings continue to bolster their value propositions, even after significant rallies.

The nationwide snowstorm was a retail bonanza. I'm viewing entertainment as a signal of discretionary spending and a better proxy for consumer confidence.