Conditions Are Ripe for Selling Into a Series of Major Events
A flood of events will soak up liquidity in exactly the sector that needs support.
Weekly Sentiment Survey: Bearish Bias in the First Part of June
In week three, our team sees reasons to be nervous about the market.
Apple Set to Reboot AI Effort in CEO’s Final Stand: 8 Key Items Shaping the Stock Market Monday
Google & SpaceX, Nvidia & SK Hynix, Marvell joining the S&P 500, other headlines are moving stocks this morning.
Peace Eludes, Rate-Cut Shot Fades, Semiconductors Slide, But Jobs Shine
Let’s check the ceasefire talks as fighting breaks out, the semis under pressure, jobs data … and see what’s ahead this week.
Abby Normal
Dr Frankenstein: Now that brain that you gave me, was it Hans Del Brooks?
Igor: No.
Dr. Frankenstein: Would you mind telling me whose brain I did put in?
Igor: Abby someone.
Dr. Franksenstein: Abby, who?
Igor: Abby Normal – I am almost sure that was the name.
Dr. Frankenstein: Are you saying I put an abnormal brain into a 7 1/2 foot long, 54 inch wide gorilla?
– Young Frankenstein Abby normal scene
Consider the following price changes in today’s session:
* $SNDK -$201
* $MU -$101
* $AMD -$51
* $MRVL -$38
To me, this should make investors consider whether the market has been nothing more than a casino — in which the many momentum-based investors know everything about price but nothing about value.
And that, as I have observed, the concepts of risk vs. reward and “margin of safety” have been generally ignored.
Position: None
Here Comes the Jobs Report: 8 Key Items Shaping the Stock Market Friday
Iran reintroduces strait service fees, stock market inflows, Lululemon drops, production levels at Boeing, and other headlines are moving stocks this morning.
Broadcom Bleeds, Semis Sink, Will Jobs Numbers Stink?
After a week that feels like pulling teeth, let’s check on the ‘rotation,’ the semiconductors and brace for the jobs report.
That’s a Wrap!
What a day! What a rally. Could have been a heck of a lot worse.
Markets opened on weakness Thursday, after a bloody day for stocks on Wednesday. Oil sold off, which was nice. That left some room for equities to rally ahead of Friday’s BLS labor market survey results for the month of May.
Thursday morning was defined by a sharp rotation out of tech. The Nasdaq Composite opened sharply lower before closing just below the unchanged mark. The S&P 500 added 0.4% for the day.
Health Care led the markets for the day, as providers and pharmaceuticals led health care. Humana ($HUM) and UnitedHealth ($UNH) gained 6.8% and 5.5% respectively. On the flipside, the semiconductors took a pounding as Broadcom ($AVGO) and Micron ($MU) surrendered 12.5% and 7.2% in that order. Nine of the 11 S&P sector SPDR ETFs closed the regular session in the green.
Quantum computing firm Quantinuum ($QNT) finally opened trading at $68 per share on the Nasdaq after its initial public offering. The company raised $1.68 billion after pricing the shares at $60 a piece.
The BLS is set to release its Jobs numbers for May tomorrow at 08:30. Consensus view is for growth of 105K non-farm positions. These results are expected to impact the outcome of the June FOMC meeting.
Have a good night, gang. It’s always a pleasure to pitch in relief of the ace of our staff, Dougie Kass. May you have a pleasant evening, and may God hold and protect those you love.
Sarge
Position: Long MU equity
I’m Eyeing 3 Names Amid Market Rotation
Here’s my strategy as the Dow rises as cash rotates out of overbought semiconductor stocks.
Market Shifts Into Full Mania Mode
As AI trade continues to enter more and more radical territory, I’m bracing for a bad ending.