Financial News vs. Noise
Glad that’s over. A weaker than expected ISM Services number seems to have allayed fears of resurgent inflation and an overheating economy, at least for now. Powell didn’t hurt things with his comments either:
"Recent readings on both job gains and inflation have come in higher than expected ... And the higher inflation data over January and February were above the low readings in the second half of last year. The recent data do not, however, materially change the overall picture, which continues to be one of solid growth, a strong but rebalancing labor market, and inflation moving down toward 2 percent on a sometimes bumpy path."
He also said this though:
"On inflation, it is too soon to say whether the recent readings represent more than just a bump. We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent”
The market is expecting a cut in June, but Atlanta Fed President Bostic said he expects it will be appropriate to cut in Q4. Last time I looked June was not in Q4. Now we wait for non farm payrolls and March CPI next week.
Great day yesterday for all the areas we have been watching. Commodities and precious metals continue to trade like AI stocks, Argentina was strong, even TSLA was green.
I am long TSLA and do like the chart. Again I think under 160 is a problem.
Yesterday Cathie came out with a $2000 price target while JP Morgan came out with $115.
Speaking of gold, they are always late. Veteran strategist says grab your hammer and pick — gold is headed to $3,000-MarketWatch
The S&P 500 held right where it had to:
Rates came down a bit:
NVDA was weak, but it held the 20 day EMA. Could be a double top forming here but I think it’s tough to bet against this stock.
I bought a little bit of SOFI yesterday on the Needham upgrade. Had an undercut & rally at the 10 and 20. Small position as I don’t like noisy charts like this.
Scanning through the charts nothing looks like a screaming buy to me, but a few areas look real weak. Airlines, HD, COST, WMT, TJX, NKE, FIVE, etc. So some retail and consumer discretionary. Is that trying to tell us something? Jim thinks the consumer is fine
@jimcramer The strength in levi's tells you it is NOT the consumer, it is the consumer who didn't go to Ulta who is spending. We told club members great entry point for $PG. Looking to get bigger still
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