Friends   The best news for the bulls today was that we didn’t give back yesterday’s rally. Stocks moved lower initially but moved into positive territory late in the morning and the market averages were able to hold onto decent gains into the close. The Fed...

Friends   You might want to sit down for this. Stocks went up today. No really, I’m not kidding. Stocks moved lower in early morning trading, but perhaps buoyed by falling energy prices, the market averages all started moving higher and stayed strong into the close....

Friends   Well, another day and another failed rally. Stocks moved slightly higher at the open this morning, but almost immediately reversed course and fell into negative territory before the first half hour of trading was finished. There were a couple of feeble...

Friends   That was an ugly reversal. After a goldilocks type jobs report stocks opened nicely higher and were sporting nice gains (300 plus Dow points) by late morning. But with the 3-day weekend looming, traders decided that they did not want to hold onto stocks...

Friends   Stocks tried to rally early, failed, moved into negative territory, and then attempted to recover late in the trading session. We had a little bad news is good news before the open this morning as the ADP private payroll number came in lighter than...

Friends   The year of the great reset continues. As we have seen, every rally has eventually stalled out pretty much where technicians have expected in 2022, and narratives change on a dime whether driven by an utterance from a Fed official, an economic data...

Friends   Stocks followed thru on Friday’s selloff as trading began this morning, but after a 1% drop in both the Dow and the S&P 500 things did recover some. Friday’s move was a reaction to the Fed Chair trying to reframe last month’s FOMC presser by...

Friends   As market participants wait for the festivities to begin at Jackson Hole, economic data continues to show weakness in the economy. This week we have seen soft housing data and a services PMI number yesterday that was surprisingly weak. Remember nearly 3...

Friends   Market sentiment has turned again. The bears seem to be back in control of the narrative. I know it’s only been a couple of trading sessions, but the bears have been able to kill rallies this year and, at least for the moment, appear to have killed the...

Friends   The bulls will say that given the run we have had since the end of the 2nd quarter, stocks were bound to take a pause at some point. The bears will say the move we have had since the end of the 2nd quarter is just another bear market rally doomed to...

Friends   Stocks opened lower today and given the move higher we have seen this quarter, it was not surprising that market participants thought it might be a good time to take a little off the table. After the initial 300 point plus selloff in the Dow at the...

Friends The Empire State manufacturing data for August was so bad it almost was hard to believe. Cue the recession narrative. Regardless, after an initial downturn at the open stocks rallied to close higher for the day. For those who are looking for more than a bear...

Friends Don’t look now, but the bulls appear to be occupying the high ground at the moment. After a miserable first half of the year, the bulls have erased more than half of the decline in the S&P 500 despite the headwinds of inflation (possibly slowing) and a...

Friends While yesterday's CPI number was flat month over month, today’s PPI (Wholesale Inflation) number was actually down .5% month over month which was also a surprise. The core PPI number was up .2% vs. the .4% estimate, so taken altogether the inflation picture...

Friends The much-anticipated CPI report gave the bulls a boost this morning as month over month the headline CPI number was unchanged. That was better than expected and the first month we haven’t seen a rise in inflation in a while. The core number was up .3% vs. the...