Gold looking good for sure, at ATH when the FED is not cutting yet, I think it could run pretty hard once the FED starts cutting and the dollar weakens
darn. actually thought i had it all fixed up too lol. kinda gave up on trying to figure it out now. if it posts it posts great, but if not ah well. everything is going mostly alright here. just been really slammed with life with hardly much time for the markets. it's the reason why i do all of my thread updates on monday's now.. hope you guys have been making some good bank in the market! thx for all you guys do to keep these threads active every week! can't say that enough!
Waited on the EOD short squeeze...got bored, went outside, and missed it... I just never chase a run after it's started....there's always a next time
Had a hail storm just now. Haven’t had that much rain and wind since the last hurricane went thru Wife’s car full of ice
Top of the morning StonkForumers! Happy 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 under 30 minutes from the US cash market open. GLTA on this Wednesday, March the 6th, 2024!
Morning Lineup - 3/6/24 - Bouncing Back Wed, Mar 6, 2024 After a relatively rough day yesterday, futures have been bouncing back this morning with the Nasdaq trading up about 0.8% and the S&P 500 up by a more modest 0.4%. The ADP Employment report for February just came out, and it showed modestly lower-than-expected job growth (140K vs 150K), but investors are more focused on the 10 AM testimony of Fed Chair Powell before Congress. Will he say anything to jawbone the markets? We’ve highlighted a version of the chart below multiple times in our discussion of Fed rate cuts and the market, and it illustrates the fact that as much as people want to credit (or blame) the Fed for the market rally since the October lows, it hasn’t been the case. While the early stages of the rally did coincide with the market pricing in a higher number of 25 basis point (bps) rate cuts by the December 2024 meeting, that reading peaked in early January at just under seven. In the nearly two months since then, the number of cuts priced in for December has been more than cut in half, yet stocks kept rallying. If the rally was just about rate cuts, we’d be closer to 4,000 on the S&P 500 now rather than above 5,000. Back in early December, when the market was pricing in cuts as soon as April, we noted that no rate cuts by then would be “the best thing for the market”. The reasoning was that by the Fed just pivoting and moving to the sidelines and no longer actively looking to kneecap economic growth, it was enough for the market to embrace the good news is good again mentality. If the Fed had to come in and cut rates so soon, it would have only meant that something was going wrong in the economy. This brings us to yesterday’s market decline. While stocks opened the day lower, the weakness was modest…until just after the 10 AM release of Factory Orders, Durable Goods, and ISM Services. All the reports were weaker than expected, including the ISM Services report which showed a contraction in employment. Immediately, after the release, the market had a Pavlovian response of briefly trading higher, but within seconds, stocks reversed and traded lower throughout the day, finishing down just over 1% in what was the third weakest day this year. The market was overbought and due for a breather heading into yesterday, but the weaker-than-expected slug of economic data didn’t help.
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, March 6th, 2024.
Just in case, someone actually wants to hear what he has to say: https://www.c-span.org/video/?533951-1/federal-reserve-chair-testifies-monetary-policy-report
I sold for 0.7% profit right before earnings, feel kinda bad now but it is what it is lol, I might get back in later if there is a pullback