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Were red now across the board as we show you where the major averages are down. The s p down about 1. 5 . Josh, i turn to you. A lot of hurdles to get over were watching texas and florida. The banks are under pressure because of the regulations from the fed about dividends and buybacks you have the nike news with the big miss off its earnings. You have a Tall Mountain to climb today. Yeah, i agree with you. Theres a lot of stories swirling around right now and most arent feel good for stocks the big story is the virus and its resurgence. I think thats the only thing that matters to market right now. You see it in whats working and whats not sometimes things are complex right now things are simple. Dollar tree, costco, clorox all look outstanding now even the stocks that went vertical given those vertical moves they are hanging very high and thats really impressive. They are not even pulling back for a consolidation in any significa ....
Countless unarmed Israeli Citizens being massacred. How the heck could we rally with the dow gaining and the nasdaq advancing 0. 39 . Maybe it is because there seemed to be no direct consequence for the united states. Maybe it is because we are desensitized after the war in ukraine and russia. We treaded low all morning. Then in early afternoon we started rallying. Why . Because fed board of governors vice chair Phillip Jefferson made dovish comments that immediately pushed stocks higher. He told us the fed is, quote, in a position to proceed carefully in additional firming that may be necessary. Jefferson then continued, quote, we are in a sensitive period of Risk Management where we have to balance the risk of not tightening enough against the risk of being too restrictive, end quote. Previously the fed was worri ....
Advancing and new indices hit all time highs. That was easy. The bulls need to see a broadening outside of the winners. Todays rally encompassed more than a handful of stocks and internet darlings and tesla. A lot of investors have been worried this market was too narrow, it didnt have what we call the breath, the breath needed for a sustained advance. Todays rally was about as broadbased as weve seen all year. It has to be a tad disconcerting to the bears, who are betting we are on the verge of a sharp downturn. Because of a previous lack of upside participation. Here is what i mean. The other night i bemoaned the miserable performance of the dow transports and bellwether of weakness and sign the markets could be running on fumes. Today, they gave us exactly what we want. First, fedex United Parcel and stalled so badly of late, came out of the running blocks hot. We did see chattering after rallying a buck, 69 today is still up. A ....
Ring the register 24 hours ago, all i kept hearing was sell the news. The trump rally is tired. The guys too divisive. Hell never get anything done. Time to take profits. Oh, you heard it too. The bulls long in the tooth. The rotations are over. A lot of really smart guys said its time to get out. Buy the puts. Put on the shorts. Sell, sell, sell. Well, they shouldnt look all that smart today. Dow surging 303 points. S p pole vaulting 1. 37 . Nasdaq soaring 1. 35 . Hallelujah this is why i always say that group think is so dangerous. Many revered Money Managers came out in the last two months and said were doomed in part because they disdain trumps bust the budget ill informed analysis of what happens next. Thats how they put it. In fact, it got so bad that even the great Warren Buffett was taken to task for saying this markets not in a bubble. If you think its over, youre si ....