There was green across the screen, led by Consumer Discretionary (XLY), as cruise liner stocks popped yesterday.

Close, But No Cigar

The S&P 500 (SPX) pierced its 200-day moving average momentarily before pulling back several times.  It's not unusual for an index or individual name to fail on the first few attempts to climb back above the 200-day moving average. Friday’s session closed near the lower end on higher-than-average volume, which could mark a near-term bottom. But there isn’t much time to waste below the 200-day moving average.

On the downside, 6,500 needs to hold.

Lots of green across all factors, with small and midcaps faring the best. Interestingly, there wasn’t a big move in bond yields.

Private Credit/Equity

After the close, Apollo Global Management (APO) announced limits on investor withdrawals.

Widely considered the best operator in the private equity space, Apollo has been swamped with 11% of its funds in withdrawal requests.

I get that limited redemptions are part of the investment, but I think there has to be a better way to explain this to retail investors.

Moreover, it seems the goalposts are always moving.

The recent rebound has stalled, and the stock looks vulnerable again.

Today’s Session

All eyes remain trained on the Middle East and on talks between the Administration and Iranian officials that could bring the conflict to an end.  The new clock is set, the US Marines are en route, and the plot is thickening. There are so many higher levels to all of this that the media doesn’t understand or report. Right now, the stock market just wants a resolution, but the fight and gains are going to be much bigger for the world and America.

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