Big Win For FAANG - Without the N Congressional testimony for the big internet companies was Wednesday. It was supposed to be Monday, but it was postponed due to the death of John Lewis. This didn’t have the typical pomp and circumstance of normal hearings because it wasn’t in person. It’s tougher t
Moderate Decline On Tuesday The stock market had a lazy Tuesday in which it barely moved until it fell in the afternoon. It's humorous that some claim the Wednesday Fed meeting caused stocks to fall. That’s implying traders suddenly ‘discovered’ a Fed meeting was coming the next day at about 3PM whe
Redbook Improves Slightly Some investors have been calling for consumer spending growth to bottom in late July which means the reports that are about to come out will still be weak. S P retail index agrees with me as it is up 9.4% in the past month. Either it is completely detached from the fundamen
New Gold Record High Gold has been rallying in the background for a few months, but no one paid much attention to it because the Nasdaq has been on a historic run. It took a new record high being hit for gold to get credit for its rally. There have been so many once in
Coming Fiscal Stimulus Incredibly, the market is so confident a new stimulus bill will pass. The market rightfully expects one to pass because it is extremely necessary. Once the details are clear, the market will react. It’s incredibly difficult to know what the market expects exactly because negot
Terrible Day For The Small Caps It seems like the market picks a random group of stocks to outperform each day with no reasoning behind it. There certainly isn’t a trend. On Friday, it picked the small caps to underperform; they had been doing well recently. Tech sector also was weak because Intel c
Markit Flash PMI Improves Markit is being criticized because its July flash PMI reading showed no change in the economy which normally implies the economy is fine. However, now it means there wasn’t improvement. Most data actually shows the economy is getting worse on a rate of change basis. This is
Big Time Selloff In The Big Internet Names Nasdaq was down 2.29% on Thursday. It might end its streak of avoiding back to back losses on Friday, tying it with the record. July has been a bad month for the tech sector. Momentum names have hit a wall and the big internet stocks have lagged.
Yet Another Terrible Jobless Claims Report We've now had terrible jobless claims reports for 6 weeks, as the report on Thursday was poor yet again. Now people are starting to notice because seasonally adjusted claims rose for the first time since the peak on March 28th just as predicted. T echnicall
Near Record Long Streak Without 2 Down Days Nasdaq hasn’t had 2 down days in a row in 48 days. Last 2 day losing streak was mid May as you can see from the chart below. That’s around the time the momentum tech stocks started outperforming the cyclical stocks. It’s amazing there was never such
