The Russell Is Still Not Crowing
* For emphasis… the market continues to narrow
$SPY -0.29%
$RSP – 0.19%
$QQQ -0.46%
$IWM -0.82%
Positions: None
* For emphasis… the market continues to narrow
$SPY -0.29%
$RSP – 0.19%
$QQQ -0.46%
$IWM -0.82%
Positions: None
Res ipsa loquitor:
$SPY -0.27%
$QQQ -0.31%
$RSP -0.71%
$IWM -1.32%
Fortunately I have FIN TV turned off and I don’t have to hear about the market’s broadening (not!) — and how healthy the top heavy market is.
Position: Short SPY (VS), QQQ (VS)
Interest rates aren’t hurting AI, and that has made the group a safe haven despite inflation concerns.
We raised cash early, put some back to work late in the month, locked in gains on Meta and kicked off our quarterly EPS All-Stars reconstitution.
Oversold conditions and positive seasonality look promising, but we still need price action to confirm a turn.
Treasury yields reversed from two-decade highs, helping stocks recover morning losses as gains broaden beyond Tech, but higher oil prices remained a headwind.
A cooler-than-expected core PCE lifted stocks early, but a rebound in yields and a sharp final-hour selloff left the Nasdaq as the lone gainer on the day and month.
Major indices were down for a second session Tuesday but finished well off the lows after a key Fed voice said there’s “no need for urgency” on rate hikes.
Much of the market is already oversold, and the election may trigger a turning point.
Bond yields hit fresh multi-year highs, while oil whipsawed on Iran headlines, sending the S&P 500 into the red for September.