Afternoon Update
It’s taken some time, but price action, especially in Treasuries, has been unambiguously pointing to “higher yields coming”. The Fed-sensitive...
Yields Breaking Out
If there has one obvious risk to equities above all others (and there are more than a few), it has...
A.M. Update
S&P futures are down -1.2%, led by Nasdaq-100 futures (-1.75%). WTI Crude oil futures are up over +3%. The U.S....
Broader Participation Lifts All Averages as Cisco Powers the Dow
Broader market participation was better today, helping the Dow Jones Industrial Average keep pace with the other major indices. A...
Afternoon Update
The last couple of hours have been very quiet with little movement in equities, with the exception of volatility pressured...
Market Update
Yesterday was the Mag-7 anticipation rally. Today is the “show me the results” moment in terms of China deals. It...
A.M. Update
S&P futures are up around 0.25%, while Dow futures are up 0.85%, which is due in part to a sharp...
Beijing Bounce: Record Highs, Record Divergence. S&P Hits New Peaks as Breadth Collapses.
After a hotter-than-expected Consumer Price Index (CPI) on Tuesday, the April Produce Price Index (PPI) report also came in significantly...
Interesting Tech Play
I’m not sure what the catalyst is, but Chinese internet and internet-related technology companies listed outside mainland China, represented by...
Market Update – Mega Caps/Semis Lead… Long Duration Tech on Crash Course With Inflation?
On the whole, the day has a dullish tone with narrow leadership from Semis and Mega Caps, with some technical...
A.M. Update – Hot PPI
S&P futures are flat, giving back modest overnight gains as the Producer Price Index came in much hotter than expected....
Hotter CPI, Rising Yields & Oil Weigh on Tech as Defensive Rotation Provides Support. Is a Major Yield Breakout Next?
Hotter-than-expected inflation data, rising Treasury yields, and higher oil prices weighed on Technology stocks. Rotational dynamics added a layer of...
Afternoon Update
The averages are of session lows. Some more than others and some looking better than others. NDX (10M) Small Caps...
YoY Inflation Well Above Target, Driven Higher by Energy
The weakness in high-yield credit Monday afternoon made me suspect the major averages would have closed lower had the market...
A.M. Update
S&P futures are down -0.15%, led lower by Nasdaq-100 (-0.75%). CNN reports that President Trump is seriously considering resuming combat operations...
Volatility & Breadth Signals Intensify: 4th ABI in 5 Days + 6th VXN Signal Since 2009
President Trump sharply criticized Iran’s response to the latest U.S. peace proposal, calling it “totally unacceptable.” He later told reporters...
Afternoon Update
Most averages are up by an anemic +0.15% to +0.25%, and Transports -0.8%. Volatility (+7%) displays relative strength as VIX...
Semis vs. Oil (Deteriorating Geopolitical Backdrop)
The storyline is familiar. Equity investors cling to a seemingly endless spring of hope for a peace settlement in the...
A.M. Update
S&P futures are down -0.15% as WTI crude oil futures are up +3% to $98.30/bbl. The latest peace talks failed...
Afternoon Update – Third and Most Powerful ABI Signal in 4 Day.
Beyond Tech/Semis’s strong rally, Volatility’s relative strength is notable, as is the third ABI signal in 4 days and the...