Commentary: Paul Ebeling on Wall Street
$DIA $SPY $QQQ $RUTX $SOX $VXX $GBIT
“The trend is your friend until the end.” The trend in the S&P 500 has been Bullish, and the market sees it continuing.”–Paul Ebeling
Again, the combination of strong profits plus free money from the Fed is driving this market, profits are mother’s milk stocks and we expect that this Bull will keep running for a long while. This is good as over 100-M Americans own stocks directly or indirectly, and they got wealthier.
What happened last week
The Bull market consolidated, testing its 50-Day MAs and reversed, finishing positively mixes Friday. No sector is rolling over.
Friday was Expiration Friday, we saw growth stocks put in nice consolidations.
The Fed and federal stimulus are still on tap.
The stock market is providing a little volatility each day, but more so in individual stocks. At the index level, there has been a lateral consolidation for the last month or so following an uptick in March and early April. Healthy!
The Technicals
The NAS Comp and SOX Rebound
The NYSE indexes held up and bounced but are lagging
Wednesday stocks reversed off of the early selloff with the big growth stocks posting the best gainers. Even after the market closed following a session that was almost all Northside there were some weaker patterns.
We continue to see some volatile action as the market continues to rotate between groups. When a new area rallies, money is pulled from another area and the latter group declines.
That being the case, sectors are not cracking and rolling over. Well, they are in some cases, but then the rotation jumps right back in to push those higher and drop others.
What to expect this week
Just In: President Trump (45) said he’ll run again if Republicans take back the House in Y 2022. Bullish!
A US Senate committee reportedly said it reached an agreement on a $304-B surface transportation bill. Some Democrats think this could lay the groundwork for the larger infrastructure bill. Bullish!
Bitcoin is officially a new asset class, says Goldman Sachs. Bullish!
On Inflation
Later this week, the US Bureau of Economic Analysis will release its April personal consumption expenditures (PCE) index o Friday.
Always remember that a volatile, fast moving stock can reverse on a dime. So, pay attention, it is your money and your responsibility,
Have a healthy week, Keep the Faith!
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