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Discussion in 'Stock Market Today' started by bigbear0083, Jul 21, 2023.
Mr. Cramer indeed told us to buy the dips yesterday
Hey apologies for the server hiccups earlier today guys! Should be all corrected now and smooth sailing into next week I think. This weeks thread was our most active I think in stonkforums history. Great to see it. Thx again for a great week here guys!
I thought it was my browser, and I was cussing it out all day lol
More data coming out this morning.
Stay on your toes:
Top of the morning StonkForumers! Happy Friday to all of you and welcome to the final trading day of the week 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 Friday, July the 28th, 2023!
Good Friday 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 final trading day of the week ahead today!
Morning Lineup - 7/28/23 - Looking to End on a Positive Note
Fri, Jul 28, 2023
Consumers Aren't Going to Keep Paying High Prices
While Bluto may argue otherwise, the Dow’s streak of daily gains ended at 13 days tying it with the 13-trading day period ending in January 1987 for the longest winning streak in the last 125 years. This morning, the bulls are determined not to make yesterday’s decline the start of a new losing streak, and so far, they’ve been successful as futures on all three major averages trade in the green.
Overnight and this morning, major equity indices are seeing mixed returns. In Asia, the Hang Seng and Shanghai Composite both traded up over 1% to cap off weekly gains of more than 3% while India traded marginally lower and traded down less than 1% for the week. In Europe, German GDP was the big report of the morning. While economists were expecting growth of 0.1% following Q1’s contraction of 0.3%, the actual reading showed zero growth (0.0%). The German economy may no longer be in a recession, but it isn’t growing either.
Earnings data for the week is now behind us, but there’s still a decent chunk of economic data to contend with including ECI (weaker than expected), Personal Income (weaker than expected), Personal Spending (stronger than expected), PCE Deflator (mostly inline with forecasts although Y/Y Core was less than expected at 4.1% versus 4.2% forecast), and Michigan Sentiment.
After hitting new bull market highs early in the session yesterday, stocks sold off and finished near the lows of the day. Technicians call days like yesterday ‘reversal days’, and they are considered negative market signals. As with several technical indicators, though, they sound good in theory, but they don’t always work out in practice. Since the inception of the S&P 500 tracking ETF (SPY) back in 1993, there have now been 83 days where SPY traded to a 52-week high intraday and then reversed lower throughout the trading session to the point where its intraday low was lower than the prior day’s low and the close was below the open.
The chart below of SPY shows every one of those prior reversal days over time. While there were a few times when the market did have a reversal day near a peak, most of them occurred nowhere near market peaks.
Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Friday, July 28th, 2023.
(TO BE POSTED AFTER TODAY'S MARKET CLOSE.)
The personal consumption expenditures price index excluding food and energy increased just 0.2% from the previous month, in line with the Dow Jones estimate, the Commerce Department said.
I guess no one uses food or energy...
ready or not the next wave of earnings season bouta unleash next week. here's the quick sneak peek from earnings whispers:
lots of heavy hitters for next week
AMZN and AAPL next week, should be interesting This rally continues and not much sign of slowing down