Morning Commentary
The market had a clear runway but stumbled into the close yesterday.
The session wasn’t a disaster, but it was surprising to see momentum slow down.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
1,267 |
1,976 |
Decliners |
1,510 |
2,230 |
New Highs |
199 |
184 |
New Lows |
16 |
59 |
Up Volume |
1.65 billion |
10.09 billion |
Down Volume |
2.09 billion |
1.83 billion |
What’s emerged this earnings season is the fact there isn’t a lot of organic revenue growth, which means stocks are being rewarded for management prowess. The most active names also revealed investors buying unloved Technology (XLK) names.
No Pricing Power
There is no pricing power in this inflation era, which means it is critical to dot those i’s and cross those t’s.
Inflation Surprises Changes How We Grade Management
According to Bloomberg, there has been a surge in higher inflation reads and many growth misses.
Execution
Walmart’s (WMT) execution, including faster deliveries, was handsomely rewarding. Of course, Walmart is very unique and perfectly positioned to use its footprint and legacy of management skills.
The damage in Material (XLB) names is alarming.
I’ll be closely watching Consumer Discretionary (XLY), as I have severe misgivings about most consumers' strengths (or lack thereof).
Tweet |
9/6/2024 1:27 PM | Topsy-Turvy Market |
9/6/2024 9:49 AM | ALL HELL TO BREAK LOOSE |
9/5/2024 1:34 PM | Lacking Conviction |
9/5/2024 10:07 AM | LOOKING FOR MOXIE |
9/4/2024 1:34 PM | Cooling Down |
9/4/2024 9:38 AM | CLOBBERED! |
9/3/2024 12:55 PM | Hissy Fit |
9/3/2024 9:37 AM | WILL THE RALLY KEEP ROLLING? |
8/30/2024 1:25 PM | End of Summer |
8/30/2024 9:44 AM | FEELING THE WARMTH |
8/29/2024 1:27 PM | Rallying even as NVDA fades |
8/29/2024 9:45 AM | NOT MEDIOCRE BUT EXPECTATIONS WERE SKY HIGH |
8/28/2024 1:54 PM | Nvidia Day |
8/28/2024 9:50 AM | DEFYING GRAVITY |
8/27/2024 1:34 PM | Nerves Ahead of NVDAs Results |
8/27/2024 9:47 AM | TENSION MOUNTS AHEAD OF NVIDIA EARNINGS |
8/26/2024 1:25 PM | Rotation to Software |
8/26/2024 9:45 AM | POWELL SEES THE LIGHT |
8/23/2024 1:10 PM | Official Start |
8/23/2024 9:36 AM | NERVES AHEAD OF POWELL’S SPEECH |
8/22/2024 1:33 PM | Bad News is Bad News |
8/22/2024 9:56 AM | TAKE THIS JOB AND SHOVE IT! |
8/21/2024 1:04 PM | Bottom Fishing |
8/21/2024 9:48 AM | PAUSE ON THE ROAD TO NEW HIGHS |
8/20/2024 1:01 PM | Juxtaposition |
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