No News is Good News! This post Fed-minutes mentality that markets finished with yesterday continued into today, and markets were primed to bounce again – they did just that, with the most beleaguered names once again leading the way. A few better than expected Retail reports (DG +13.8%, DLTR +21.9%, M +19.3%)  helped futures shrug off some of the early strains from Big Tech, but this morning’s backwards looking economic data didn’t help ease the growth fears that have weighed recently.

It doesn’t feel great that the day after the biggest down day for the S&P since June 2020 is followed not by a bounce, but another down day. There are a lot of worrying takeaways from today’s market, but perhaps the most important is that we still have not yet hit capitulation. As our charts team so eloquently puts it, if you have to keep asking if it happened, it hasn’t happened yet – you’ll know it when you see it

We’ll take it – a green end to an incredibly volatile week, and on Friday the 13th nonetheless. With the week’s headline economic data in the rearview mirror investors can start to look forward, and while CPI/PPI didn’t quell inflation concerns, that wasn’t today’s focus. The next Fed meeting is creeping up, but there’s enough time that it hasn’t yet dominated the debate.

Today was certainly a tough end to a relentless week, but at least now it can be put in the rear-view mirror. It seems everywhere we turn there is disheartening stat after disheartening stat, so this View will try to avoid repeating those as much as possible (although not entirely). While yesterday’s sell off left a foul taste in investors’ mouths and pushed indices back on to the doorstep of year to date lows, no important technical levels were broken (although the NDX did make a bearish new price low for the first since December ‘20).

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300     MARKET SNAPSHOT   S&P: ▲ +1.85% Nasdaq: ▲ +3.06% UST 10-yr: 2.836% VIX:   29.99 EUR/USD: 1.0503 USD/JPY: 130.88 Gold: ▲  +0.44% WTI Crude: ▲ +3.28% Copper: ▼-0.77% S&P Leaders: […]

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300     MARKET SNAPSHOT   S&P: ▼ -2.77% Nasdaq: ▼ -2.55% UST 10-yr: 2.90% VIX:   28.35 EUR/USD: 1.079 USD/JPY: 128.5 Gold: ▼  -0.99% WTI Crude: ▼ -2.5% Copper: ▼ -2.59% S&P Leaders: […]

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300     MARKET SNAPSHOT   S&P: ▲ +1.12% Nasdaq: ▲ +2.03% UST 10-yr: 2.697% VIX:   21.8 EUR/USD: 1.1089 USD/JPY: 125.67 Gold:  ▲ +0.3% WTI Crude: ▲ +3.7% Copper: ▼ -0.1% S&P Leaders: […]

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300     MARKET SNAPSHOT   S&P: ▼ -0.27 % Nasdaq: ▼ -1.34% UST 10-yr: 2.70% VIX:   21.16 EUR/USD: 1.0877 USD/JPY: 124.3 Gold: ▲ +0.72% WTI Crude: ▲ +2.1% Copper: ▲ +0.52% S&P […]

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300 MARKET SNAPSHOT S&P: ▲ +0.34% Nasdaq:▲ +0.29% UST 10-yr: 2.38% VIX:   19.63 EUR/USD: 1.1048 USD/JPY: 122.52 Gold:▼ -0.71% WTI Crude: ▼-0.80% Copper:▼ -0.89% S&P Leaders: Real Estate +2.02%, Telecoms […]

21675 A daily trading perspective… Casey Badach | Jared Lechner | Andrew Chader | Ryan Maguire | Alan Clymer US dealing direct: +1 212 803 7300     MARKET SNAPSHOT   S&P: ▼ -1.23% Nasdaq: ▼ -1.32% UST 10-yr: 2.292% VIX:   23.57 EUR/USD: 1.101 USD/JPY: 121.14 Gold: ▲ +0.03% WTI Crude: ▲ +5.18% Copper: ▲ +1.63% S&P Leaders: […]