Meta Strategy Tweets of the Day
Position: None
An MOU, an Evening Rally and Threatening Market Volatility and Industry Rotation
The signing of this memorandum of understanding (which I present without personal comment) has — once again — led to a rally in the futures overnight with S&P futures +65 handles and the Nasdaq +440 handles:
As noted (partially) in the Comments Section I was up throughout the night selling most of my trading longs discussed in my Diary, in addition to selling additional trading long rentals not discussed (too speculative for home gamers).
Stocks are beginning to move in integers and group rotation is conspicuous.
* The absolute and relative strength/overbought in semis and memory equities are growing more and more extreme — continuing this morning premarket.
* Financials are catching an amazing bid.
* But former leaders, Mag 7, are falling flat on their face with fundamental strategic and execution issues plaguing Microsoft ($MSFT) and Meta ($META).
I will try to get out an opener this morning which discusses the rising possibility of a market “event” owing to market structure.
Position: None
This Week, the Plan Hasn’t Quite Come Together
The market finally got oversold, but not in the manner I expected. Let’s see what’s next.
Tweet of the Day
Position: None
Oscillator More Overbought
The S&P Short Range Oscillator moved further into overbought at 1.99% vs. 1.64%.
Position: None
Why Isn’t Oil Fueling a Move Higher in the Transports?
Oil down, transports up. That’s the old relationship. But it isn’t working these days.
Warsh Is in No Rush to Cut Rates — And the Market Reacts
Hopes were high for some dovish comments but the new Fed Chair failed to deliver.
Closing S&P 500 Heat Map
Position: None
Wednesday’s After-Hours Advancers and Decliners
After-Hours % Advancers
After-Hours % Decliners
Position: None
Kevin Warsh Makes It Clear There’s a New Sheriff in Town
If you’ve followed Warsh before he became Fed Chair, his press conference shouldn’t have been that surprising.