Short note today. Markets are slightly green this morning after another day of losses yesterday. DOW FUT up 0.15%, S&P up 0.27%, NAS up 0.3%, Oil continuing gains up 1.2%, Gold down 0.11% and the US 10yr is down 1bps @3.04%. Asian markets were mixed with the Shenzhen down 1.9% and the European markets are currently mixed. Every market and investor seems to be waiting for Powell’s speech on Friday. Some more data will come out this morning including more home data.
We are currently in a bit of purgatory as everyone waits for Powell on Friday. Powell has been playing his hand close to his chest and no one wants to get on the wrong side of a trade before his speech. The market continues to lose breadth, with more new lows than highs, and economic conditions are teetering on the edge. All that we have been hearing on the news is if investors are buying the pullback in tech and other sectors. The notion of buy the dip mentality still exists and the bear market seems to not be enough to deter this attitude. Oil continues to grind higher after OPEC mentioned that they might have to cut some production. The supply saga continues. Legendary investor, Julian Robertson died yesterday at the age of 90. Hurricane Tracker: <40% chance a storm off Baja turns into a cyclone and a small chance (<40%) that a storm in the Gulf turns into one.
WHC TOP 5: CEG, PCTY, NET, TTD, CROX