Afternoon Note
The market came out of the gate with gusto, but things started to shift lower as come mega-cap names rolled over from earlier strength. The deterioration looks like good old-fashioned profit taking in names that have surged since the start of this year.
The stealth bull in small caps is picking up speed.
Costco (COST) is weighing on Consumer Staples after reporting quarterly results. Traditional safe havens are posting the largest gains this afternoon. And after 7 consecutive days of being down, buyers are gobbling up Apple (AAPL) again today, and the stock is up 2%.
Market breadth is holding ok despite losses in heavily weighted sectors.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,592 |
2,185 |
Decliners |
1,204 |
1,963 |
New Highs |
274 |
343 |
New Lows |
12 |
68 |
Up Volume |
1.07 billion |
1.98 billion |
Down Volume |
1.16 billion |
1.43 billion |
Have a great weekend.
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5/9/2024 9:39 AM | THE SEVENTH (TRADING) DAY OF MAY |
5/8/2024 1:49 PM | Mixed Note |
5/8/2024 9:37 AM | CHANGING NARRATIVES |
5/7/2024 1:50 PM | Building Gains |
5/7/2024 9:36 AM | HOPING MICKEY SAVES THE DAY |
5/6/2024 1:59 PM | Rate Cut Hopes |
5/6/2024 9:17 AM | LOOKING FOR MOMO TO KICK BACK IN |
5/3/2024 1:41 PM | Cheering the News |
5/3/2024 7:33 AM | TIM COOKS THE (RECORD) BOOKS |
5/2/2024 1:54 PM | Holding Up |
5/2/2024 9:41 AM | COOL HAND POWELL |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 PM | Musk Rides Back to the Mag Seven |
4/29/2024 9:50 AM | DIE BY THE SWORD, PROSPER BY THE SWORD |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
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