On Thursday, winners beat losers by a 7 to 2 margin at the NYSE and by roughly 2 to 1 at the Nasdaq. Advancing volume took a commanding 77.8% share of composite NYSE-listed trade and a 67.4% share of composite Nasdaq-listed activity. Most importantly, aggregate trading volume on a day over day basis, was up 12.1% for NYSE-listings and up 5.2% for Nasdaq-listings.
For the third time since the start of November, or really since the three-month rising wedge pattern closed, the N...

Readers will see that NVDA rallied from late November 2023 into this past June, when the stock started to sell off. Support was then found at the half-way back point (50% retracement of the rally) before NVDA found its footing and started to develop the current rally.
To gauge this rally, we go back to that same November 2023 start date and apply an Andrews' Pitchfork model. We can see that of late, as the stock has enjoyed a series of higher lows and higher highs, the stock ...

Interesting that on the day that Ukrainian forces, after getting the okay from lame duck US President Joe Biden, would launch US missiles from territory still under its control at Russian military bases inside of Russian territory, that markets would open on weakness and gain strength from there? Hmmm. Who would have thought that on the same day that Russian President Vladimir Putin signed new doctrine covering Moscow's possible use of nuclear weapons, thus reducing the...

Maybe. Maybe not. There were headlines that broke at Bloomberg and elsewhere as the zero-hours passed this morning, that Ukraine's armed forces had carried out their first strikes on Russian territory using US Army ATACMS armaments. Possibly in response, as I am not sure which came first, Russian President Vladimir Putin signed a revision to his nation's nuclear doctrine.
The new declaration states that a conventional attack on Russia by any nation t...

Fed Chair Jerome Powell spoke publicly from Dallas on Thursday afternoon. Powell made a speech and then participated in a moderated discussion. He was, in my opinion, quite clear in that he used this appearance to create some optionality for the FOMC in terms of the trajectory for monetary policy over the next few months. To put it more succinctly, Powell is no longer sure that short-term interest rates need to go lower.
Powell stated, "The economy is not sending any si...

On Thursday, the Nasdaq Composite posted its third consecutive red daily candle, while the S&P 500 put up its second losing session in three. On Friday morning, US equities sold off further. The base of consolidation that we, as investors, had been seeking, has clearly arrived. Does this development across US financial markets end up looking like the pause that refreshes, or has our marketplace started to price in new worries?
The question is a valid one. Since the national ...

The news is old at this point. More than twenty-four hours ago, the Bureau of Labor Statistics released the agency's data for October consumer level inflation. Everything hit the tape as expected. One a month over month basis, the headline print landed at growth of 0.2% for a fourth straight month, while core inflation printed at growth of 0.3% for a third straight month. On a year over year basis, headline inflation accelerated from 2.4% growth in September to 2.6%, while core inf...

The S&P 500 closed on Monday up 25.8% year to date for 2024. This came on the heels of a 24% rally for the previous full year, 2023. According to research published by Deutsche Bank on Monday, If the S&P 500 holds onto at least a 20% full year gain for 2024, it would only mark the third time ever, really since the conception of the S&P 500's ancestor index that the broadest and most focused upon measure of US large cap equity perfroamnce was able to post back-to-back ...

US Bond markets are closed today for Veterans Day. Equity markets are open, buisness as usual.

The week ahead will be busier in terms of macroeconomic releases and high-profile corporate earnings than was last week. Then, there will be the plethora of fed speakers that will crawl out of their holes publicly now that we are past the election and last week's policy meeting.
On the macro side, October CPI is due this Wednesday. Coming off of the 2.4% year over year growth print for September, most of the street is up around 2.6% for this release. October Producer Prices w...