Afternoon Update
The day has been fairly slow with the S&P spending a majority of the session in a 30 point range....
Mixed Trade; Reversal Of Yesterday’s Trends
Once again, pre-market indications flipped at the cash open with the Dow and Small Caps declining and Nasdaq gaining as...
A.M. Update
Index futures point to a mixed start: S&P 0%, Nasdaq -0.15%, Dow +0.15%, Small Caps +0.12%. President Trump said via Truth...
U.S. Reflation Hopes: Authentic or Just Asia’s Echo?
The stock market added to the strong start to the first full trading week of the new year today, with...
Market Update – Eclectic Mix with Procyclical Bias; Metals Rip Higher
Today’s session opened with a noticeable defensive tilt, but leadership has since broadened into a rather eclectic mix. The Technology...
A.M. Update
S&P futures are flat with slight underperformance in Russell 2000 futures. A number of energy stocks saw gains close to double...
Daily Wrap
The first full trading week of 2026 kicked off with a something of a head fake this morning: chip stocks...
Volatility
VXX’s positive 3C divergence has been in effect about the same amount of time as VVIX has displayed relative strength....
From Asian AI Hype to Venezuelan Resource Rush: Cyclicals Lead Risk-On Rotation
While today has a risk-on bias with Defensive sectors lagging, the focus shifted dramatically from pre-market’s AI optimism, to a...
A.M. Update
On this second trading day of the new year, S&P 500 futures are up +0.3%, as trading desks return to...
Window Dressing Dynamics Being Unwound First Trading Day of 2026; Potential Rotation to cyclicals, but Far From a Strong Case
1:47 p.m. ET The market got off to a strong Tech-led start and rapidly faded it. The evidence of Window...
A.M. Update
S&P futures are up 0.5 percent, set to break a four-day losing streak as markets start the new year, aligning...
Afternoon Update
Price declines may not be huge, but price action is solidly bearish. NDX’s (5M) price action this week is a...
Market Update
12:50 p.m. ET Apologies for the missed A.M. Update. The website’s web hosting went ahead with an unannounced migration to...
Daily Wrap – Window Dressing Fades; Important Clues Emerge Amid Dull Trade
Monday’s Daily Wrap concluded with the observation, “I anticipate a couple of lackluster days for market price action, but as...
Afternoon Update – Small Caps’ Weakness Intensifies Since FOMC Minutes
To be clear, nothing about today’s lackluster trade is a surprise, as laid out clearly in yesterday’s Daily Wrap: “My...
FOMC Minutes Update – Not Helpful
3:08 p.m. ET The Minutes from the December 10th FOMC are out. Before we get to that, this NDX chart...
Market Update – As Expected; FOMC Minutes on Deck
12:25 p.m. ET The broader market has an unsurprising flattish tilt, with 4 S&P 500 sectors trading higher and 7...
A.M.Update – Quiet Start
Index futures point to a flattish, mixed opening and a quiet start. The October Job Opening and Labor Turnover report...
Daily Wrap – New ABI Signals
Recently I’ve had a more and more difficult time explaining gold’s strength; acting more like a risk asset than a...