Morning Commentary
The rally could move on for much longer and go much higher from here, but it's incredibly selective right now. The range has been limited as gains have consolidated.
Market Breadth & Leadership
There was lots of green on the screen Friday, although the volume was light it was decidedly bullish. Moreover, advancers swamped decliners, particularly on the New York Stock Exchange (NYSE).
Despite the current momentum of names in the NASDAQ Composite, there were more new lows than highs on Friday.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
2,046 |
2,722 |
Decliners |
740 |
1,477 |
New Highs |
99 |
91 |
New Lows |
41 |
115 |
Up Volume |
2.12 billion |
3.72 billion |
Down Volume |
821.92 million |
2.09 billion |
Tech & Communication Services
It's all about Artificial Intelligence (AI) picks and shovels and those companies buying them the most. There is no care about valuations or valuation metrics. Right now, it’s a gold rush, and those running the fastest, no matter the expense, are being rewarded the most.
Technology (XLK) is all about semiconductors and hardware.
Keep an eye on these industries as the NASDAQ tries to build on its momentum.
Today’s Session
Is this the start of the summer rally? Seasonality and AI might not be enough of a one-two punch to guarantee a summer rally, but there is no doubt the bias has returned to the upside.
Lack of participation can be seen as a plus or a minus – I think it’s a yellow flag, as more names should be participating.
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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