One good day, and we will return to ‘Greed’ mode.

Something must be said when all the boxes are green, and most are up more than 1%.

Same (Super) Tide

The S&P 500 rallied 1.08% yesterday, while the Russell 2000 posted a gain of 1.66%. Both are sporting compelling charts, although the latter is indicating oversold signals.

S&P 500	Russell 2000

Tech Has to Lead

The S&P 500 rode the coattails of semiconductor stocks, which enjoyed a gain of 4.21% in the session. Technology (XLK) leads the rally train, but its chip stock is stuck in the locomotive.

Semi-Tough

Great work from Bank of America illustrates the bounce-back ability of VanEck Semiconductor ETF (SMH) stocks. After a disastrous week, the Philadelphia Semiconductor SE Index (SOX) historically outperforms over the next seven – days, three months, and six months.

Earnings Bar Remains High

After yesterday's close, NXP Semiconductors N.V. (NXPI) posted financial results that missed the consensus by a penny. The immediate reaction was a 7.68% drubbing. NXPI is the 11^th largest component of the SOX.

Broad Market Broadening

The S&P 500 is flirting with 70% of its components changing hands above their 200-day moving average. This is what we need to see on breakouts.

The iShares Russell 2000 ETF is hot. Some components are sizzling, but the vast majority are not household names.

Today’s Session

There were many earnings out before the bell, but the name that stands out the most is UPS, which missed revenue and profits, as well as guided lower.

That disastrous labor union deal will haunt this company for years to come, which muddles just how much of a proxy it can be for the US economy.

Still, it's not good news on that front.

Comments

Seems that the CRWD failed update remains in play to an extent on the software side. How much their brand is hurt by it remains to be seen? Kind of expect that they will be subject to many investigations in the weeks to come. Some valid around why the deployed code/context wasn't check/tested before, while others across the globe will be more interested in CYA around what they never understood in the first place. I luv (not) how those that talk about the failure of redundancy in the I'm not excusing it, but the nature of countering hacking threats may surround what is discovered at the higher-level assessment, leading to the constant updates for AI within the apps deployed on a constant basis. Kind of odd, that those calling for establishing redundancy, are the same that have no clue how the Cloud infrastructure works is kind of amazing. What's lacking are the system recovery backups, held separately in the event of something of this nature. Terry Dowler on 7/23/2024 11:46:23 AM

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