Granny Covered
Housekeeping item.
I have covered my $GRNY short at $28.08 for a small profit.
I plan on reshorting this trading sardine on any rally.
Position: None
Here’s Why I’m Holding Off on Cheap Stocks Right Now
When I look at what’s on my screens I see exactly why I don’t want to snap up even stocks that appear like bargains.
Apple’s Smart Home Update Brings 2 Real Barometers to Watch
HomeView, HomePod mini 2, a new Apple TV 4K and the Apple Home Collection put Siri AI at the center of the home.
Thing I Did Today
Here is today’s thing:
* I added to $PEP at $126.24.
Position: Long PEP (M)
Charting the Late Morning Market
– NYSE volume 7% below its one-month average;
– Nasdaq volume 19% below its one-month average;
– VIX index: up 0.66% to 15.31
Breadth
SOURCE: Barchart
S&P500 Indexes
SOURCE: Barchart
% GAINERS, DECLINERS
SOURCE: TheStreet Pro
Nasdaq 100 and
S&P500 Heat Maps
SOURCE TheFly
Market Musings
* The market is more erratic than Selma Blair.
* The action in financials (banks, brokers and private equity) continues to be worrisome.
* Breadth is foul.
Caveat emptor.
Positions: None
Small Business Sentiment Cools as Inflation Worries Climb
NFIB’s Small Business Optimism Index slipped to a three-month low as fewer expect conditions to improve.
A Year-Long Theme of Mine
Hyperscalers move from capital light to capital intensive:
Positions: None.
