On the road so a short note this morning. Futures are higher today, DOW up 0.37%, S&P up 0.25%,NAS up 0.37%. Oil is up 0.75%, Gold is down 0.44% and the US 10yr is down marginally @2.77%.
The market ripped yesterday in a very risk-on mode. Investors continued to buy anything and everything. It is looking more and more like our call of a bear market bounce is not correct. The NAS is 20% off the lows, after a very quick look, the NAS had 3 rallies that were 20%+ in 2000 & 2001 followed by 60%, 50%, and 45% decline. That is not what we are calling for but we are still cautious and we will adjust accordingly. Not sure what, if anything, will break the market but we still believe the market is too aggressive thinking the Fed has reached peak hawkishness. Some news out this morning but nothing as exciting as yesterday.
WHC TOP 5: PCTY, NET, ETSY, TTD, CROX