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10:45 a.m. ET, February 14, 2020 While the market is relatively quiet, I’m rounding up the relevant charts to get a picture of where we are. I may add some as things develop. First the 3C charts for the week… There haven’t been many interesting/divergent signals, until yesterday. SPY (1m) negativity diverging and starting to […]Read More »
Economic data this morning is surprisingly bad. First, Existing home sales for January declined 1.3% to a seasonally-adjusted annual rate of 5.46 million (consensus 5.42 million) from a revised 5.53 million in December (from 5.54 million). The real surprise for the market is the February Flash PMI readings which missed across the board. U.S. Feb. […]Read More »
Apple (AAPL -1.8%) made good use of the U.S. holiday to declare a revenue warning due to the coronavirus, after blowing off risks in its earnings outlook just 3 weeks ago. Apple specifically said it doesn’t expect to meet its revenue guidance for the March quarter due to the coronavirus restraining its supply chain and […]Read More »
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The major averages extended the last 2 weeks’ gains. The narrative of the day was shaped by reports from China indicating the slowing pace of the coronavirus, President Xi Jinping vowed that China would meet its economic goals while winning the battle against the deadly pandemic. Meanwhile, Fed Chair Powell concluded his congressional testimony, assuring […]Read More »