The opinions expressed below are my own and do not necessarily represent those of Visdom Investment Group, LLC.
Whole lotta nothing
Even though overseas markets fell overnight, Asia fell more than a percent and Europe about a third of one, our futures traded slightly up. Crude pushed higher in the premarket and S&P futures felt the pressure, but not too badly. Yields were down a little before the open. The S&P began down about 10 points and rallied significantly after 15 minutes, going to +58 by 10:30 AM. This rally coincided with a sharp drop in crude. Both markets settled down over the rest of the day and slowly turned back towards unchanged. 14 S&P stocks reported last night/this morning so earnings season just started to get busy, but today’s batch of results didn’t appear to influence the broader market. Trading today, in stocks, bonds, and crude had a little bit of action early on but everything quieted down later and news headlines were of minor importance. Capital flow was 90%.
The S&P didn’t reveal much to us. We are slightly up on the session but the index hasn’t trended anywhere of late. We are sitting on the 50-day moving average and apparently waiting for a catalyst. Earnings thus far haven’t done the trick.
I assume that the Mag 7 and other mega caps will change that. We’ll see soon enough.
SpaceX announces after the close today.
Meta and Tesla announce after the close tomorrow.
Alphabet, Amazon, and Microsoft announce next week.
See you tomorrow.
-Mike
Visdom Market Commentary
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