A Low Drama Day
* TGIF!
With three hours left in the trading week, markets seem to meandering (though they have recovered about half of yesterday’s decline.
Breadth is uninspiring and so is the volume low.
The indices full of sound and fury — gapped higher, retreated, advanced and are stable now.
The strength is a bit surprising considering that yields are up for the second day in a row — and back to where the Treasury announced their intentions.
The algos seem quiet with some strength in Mag 7 after an awful day yesterday and memory/chips exhibiting some further losses.
Financials were stronger in the morning and have given up most of the gains and then some.
Consumer staples-are showing strength (with $PG and $PEP leading the way) — somewhat surprising considering the better market tone. $KO looks about to make a 52-week high.
Cannabis is trying to break out of a trading range… to the upside.
I see little in the way of extremes (from a sector or stock standpoint) or trading opportunities.
Doing mostly research and anticipating the end of a long week.
Most importantly, Ollie the doxie (I was at vet two more times in the last 24 hours) is mending and the family health issue has passed.
Position: Long PG (S), PEP (VS), KO (S)
