Stock Market Today: July 24th - 28th, 2023

Top of the morning StonkForumers! Happy FOMC Hump Day to all of you and welcome to the new trading day and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are a little over 3 hours away from the US cash market open.

GLTA on this Wednesday, July the 26th, 2023!

 

Good Wednesday morning StonkForumers!

Here is this morning's pre-market news thread for those of you wanting to get a quick read before today's open-
<-- click there to read!

Hope everyone has a great new trading day ahead today!

 

Morning Lineup - 7/26/23 - Not Always As It Seems
Wed, Jul 26, 2023

With the Dow up 12 days in a row and every other major US index trading at some sort of short-term extreme overbought level, the recent gains seem like they have pain free, but when you get rallies like these and the major averages are still well below their highs from late 2021 and early 2022, pain was involved at some point!

US stocks are set to kick off the day on a subdued note with mixed earnings overnight weighing on the markets. Futures on the Dow, which has traded higher for 12 days in a row, were firmly lower earlier, but have gotten a modest boost after Boeing (BA) reported a narrower-than-expected loss on stronger revenues and better-than-expected free cash flow. At this point, whether the streak ties the post-WWII record of 13 trading days rests in the hands of Jerome Powell and what kind of tone he takes in today’s post-meeting press conference. A 25-bps hike is a done deal, but how Powell guides markets going forward will dictate which way stocks finish the day.

Mega caps have driven most of the gains in the market this year, and it’s been discussed endlessly over the last seven months. What people seem to forget, though, is how much these stocks underperformed the market in 2022. The chart below shows the relative strength of the S&P 500 versus the equal-weighted index since the start of 2022. For all of 2022, the market cap-weighted index steadily underperformed the equal-weighted index with little reprieve. Early this year, though, with the shift of the calendar, relative strength shifted too.

Just as talk of mega-cap outperformance crowded out nearly every financial-related topic in recent weeks, the trend started to shift again. Since the start of June, the equal-weighted S&P 500 has been outperforming again, and since the start of 2022, the performance of the two indices is essentially the same. For all the noise, ink, and pixels used talking about how the market-cap-weighted S&P 500 has been outperforming lately, did you know that less than a percentage point separates the performance of the two indices since the start of 2022? Things often seem one way at first glance, but if you stop and look a little longer, the picture changes.



Just this quarter, which started a month after the relative strength between the two indices shifted, equal-weighted outperformance relative to the market cap-weighted index has been broad. The chart below compares the performance of the market cap versus equal-weighted S&P 500 sector ETFs since the start of Q3. For every sector besides Consumer Staples and Technology, the equal-weighted indices have been outperforming, and the sectors where the performance disparity has been the widest have been in Energy, Health Care, and Real Estate.

 

Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Wednesday, July 26th, 2023.

 

really awesome to see oldie actively posting again!!

hey btw oldie while i got ya here, was super curious if you are able to access and join the live chat server here:

https://stonkforums.myvnc.com/forum...-stonkforums-live-chat-server-completed.1908/

^^ that thread should have all the instructions posted in there to join the chatroom.

had posted that thread a couple weeks back but didn't seem like anyone was totally interested to join it lol.

i was able to setup a discord clone server that i control and run entirely myself.

i post much of the same contents there as on this board here too. but will admit, i'm a little more active on the chatroom side simply due to a ease of usage/chatting/etc haha.

i also have another website which is linked to that thread i posted above, and also has a separate chat box embedded on it, just in case the discord clone server doesn't work for you for whatever reasons.

would be really cool to see if those worked for you.

have been crazy excited seeing you actively posting in here again! it's like old times hsm all over again for me over here haha.

 

oh whoops this is my fault oldie! i completely forgot to make a quick mention that the chat server isn't connected to or associated with discord in any capacity lol. i'm basically running it on a completely separate database from discord. hence, your existing discord login wouldn't work on it. if you create a new user account (should really only take like a minute or two at most) then i think it should work. let me know.

i mostly just wanted to make sure you guys all had that working on your ends. i think @stock1234 said he was able to setup an account, but likewise did not have much time to check into it.

anyway, really super excited to see you're actively posting again! really missed this tremendously. totally brings me back to good 'ole memories of hsm. can't believe that this year makes it 17 years since i first stepped foot on HSM. that's a lot of years lol.

 

hmm, just curious are you able to setup an entirely new account on that link oldie? should work if you create a new one. i don't think it will work with the stonkforum login since i don't think they're integrated with each other.

no worries if it still doesn't work though!

not sure if you also tried the other site:
http://smlchat.com

this one is nice in that i have all of those tradingview and investing.com site widgets on the page there also.

don't worry if neither of them work though! was mostly just wondering if they actually work for you guys. i thought stock1234 was able to get it working the other week but now i'm not so sure if that was actually the case lol.

there are a few people on both of those sites but not a lot for sure haha.

 

coming up in just over an hour from now:

Spoiler: Click to Show!

sorry i couldn't resist!

 

i don't have the #'s in front of me right now, but i seem to recall the last couple of fomc's haven't been too kind to the markets lately. i'll see if i can dig up that stat cause i remember stumbling across it the other week.

i'm thinking big red is plausible (and would be pretty overdue and healthy mind you) if we see it by cash close today. we shall see.

full disclosure: have no skin in the game atm.

 

here are some of the notable earnings after today's close:

 

cocoa leading the futures charge today? what the...

think i read someone that it hit a new high or something. lemme see if i can confirm it one sec.

 

by the way! oldie, forgot to mention it here too.

do you remember on the very first HSM that was running on the vB platform there used to be a charting bbcode that when you wrote something like:

PHP:

[chart]SPY[/chart]

it would pull for you the daily chart of the ticker symbol off of finviz in the post here?

well guess what, that feature exists on here now. had implemented that in here last year i think.

i think i even added a futures command too. lemme see if i can dig that up.

 

i don't really follow cocoa futures but looks here's the monthly chart wowza

 

ah yes, looks like i did add one for futures. but it's on an intraday chart. i could add one for the other time frames also...

PHP:

[futures]ES[/futures]

=