Technicals: The S&P closed last week at 5,408 – just above 5,400 which is an important level because the S&P has spent so little time below it in the last three months. In other words, below that level almost everyone…
The stock market got smashed to open September after the long Labor Day weekend. The S&P was -2.12% and the NASDAQ -3.26%. Nvidia (NVDA) led the way, dropping almost 10% as news that the DOJ is investigating it for antitrust…
After a furious bounce back rally the previous thirteen sessions, the market opened higher on Thursday but reversed hard to the downside creating “bearish engulfing candles” all over. This is bearish in the short term and it’s no surprise that…
For the first time in what seems like forever, the market corrected over the last 7 trading sessions. The leading Nasdaq-100 (QQQ) – dominated by The Magnificent 7 – lost 5.5% over that time period. At first it looked like…
Since Thursday’s weaker than expected June CPI Report, the market has undergone quite the transformation. Megacap Tech – The Magnificent 7 – which have accounted for most of this bull market’s gains have taken a breather. On the other hand,…
The June CPI came in soft Thursday morning raising expectations of a Fed rate cut in September to about 85%. In an interesting reaction to the report, investors are selling the leading stocks in the Nasdaq-100 (QQQ) and rotating into…
In his article in Saturday’s WSJ (“Nvidia’s Sucess Is The Stock Market’s Problem, Broadly” [SUBSCRIPTION REQUIRED]), James Mackintosh outlined the two things driving stocks: demand for AI chips and concern about the economy and interest rates. The former is pushing…
Barron’s ran an important article this weekend titled “There is no Magnficent 7. There’s Simply The Magnificent One” [SUBSCRIPTION REQUIRED]. That Magnicent One – obviously – is Nvidia (NVDA) which is responsible for 1/3 of the S&P’s YTD gain through…
As I suggested on Tuesday, the stock market is thinning out dramatically. While the major indexes continue to go up on a daily basis because of mega caps like Nvidia (NVDA) and Apple (AAPL), beneath the surface more and more…
Tuesday was another typical day: QQQ: +0.69% S&P: +0.27% S&P Equal Weight (RSP): -0.41% Small Caps (IWM): -0.34% While the bulls won the day at the index level, beneath the surface most stocks are going down. On the NYSE and…