This is starting to feel a bit like the market that cried wolf. Every time this market looks like it’s drumming up a bit of courage to go higher, the powers that be smack it on the nose. Equities took a significant step forward yesterday towards halting the weekly streak of losses but a string of poor earnings and the commentary within SNAPped (-43%) that momentum before it started.
Frenzied, frustrated, chaotic, simmering anger. Those are just a few of the emotions and descriptors I can use in this family publication after spending much of the last 8 days at various airports throughout North America. The payoff of course was seeing some of you all but getting there and back proved difficult. The worry about being away from the desk is missing what’s happening in the market but the experiences at least seem quite similar.
Last week’s annual Met Gala was themed the Gilded Age. Tonight Christie’s will hold an auction for Andy Warhol’s iconic silk-screen of Marilyn Monroe with estimates suggesting it could go for a record $200mm. And this past Saturday, the owners of Rich Strike struck it rich after their 80-1 longshot had one of the great races/upsets in the long illustrious history of the Derby. So it seems there are asset classes doing just fine these days, just not the ones we traffic in on a daily basis.
I’ll be honest here – I shouldn’t be writing today. There are far more accomplished fans of the Star Wars series that could take advantage of the date and its near identical annunciation to one of the greatest phrases in cinema history. Someone with genuine bona fides might mention the force was with Chairman Powell today. Or perhaps one could make a dual analogy, Jerome entering the day dressed as Darth Vader, leaving it more like Obi Wan…or would it be Luke? See what I mean?
2321 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: ▲ +0.57% Nasdaq: ▲ +1.29% UST 10-yr: 2.818% VIX: 27.02 EUR/USD: 1.079 USD/JPY: 128.13 Gold: ▼ -1.77% WTI Crude: ▼ -2.5% Copper: ▲ +2.21% S&P Leaders: […]
2321 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: ▼ -0.06% Nasdaq: ▼ -1.22% UST 10-yr: 2.82% VIX: 20.32 EUR/USD: 1.0852 USD/JPY: 127.82 Gold: ▲ +0.38% WTI Crude: ▲ +0.19% Copper: ▼ -1.13% S&P Leaders: […]
2321 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: ▼ -0.30% UST 10-yr: 2.723% VIX: 24.37 EUR/USD: 1.0827 USD/JPY: 125.39 Gold: ▲ +0.63% WTI Crude: ▼ +6.84% Copper: ▼ +1.29% S&P Leaders: […]
2321 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: ▲ +0.81% Nasdaq: ▲ +1.90% UST 10-yr: 2.402% VIX: 18.57 EUR/USD: 1.0971 USD/JPY: 122.75 Gold: ▲ +0.35% WTI Crude: ▲ +4.47% Copper: ▲ +1.96% S&P Leaders: […]
2321 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: ▲ +0.71% Nasdaq: ▲ +1.31% UST 10-yr: 2.459% VIX: 19.63 EUR/USD: 1.0987 USD/JPY: 123.88 Gold: -1.81% WTI Crude: -6.97% Copper: ▲ +0.57% S&P Leaders: […]
2321 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: ▲ +0.51% Nasdaq: ▼ -0.16% UST 10-yr: 2.479% VIX: 20.81 EUR/USD: 1.0996 USD/JPY: 122.11 Gold: ▼ -0.12% WTI Crude: ▲ +0.35% Copper: ▼ -1.1% S&P Leaders: […]