1. U.S. Futures


Stock Market Today: May 20th - 24th, 2024

Discussion in 'Stock Market Today' started by bigbear0083, May 13, 2024.

  1. bigbear0083

    bigbear0083 Administrator
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    Welcome StonkForums to the trading week of May 20th!

    This past week saw the following moves in the S&P:
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    S&P Sectors End of Week:
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    Major Indices End of Week:
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    Major Futures Markets End of Week:
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    Economic Calendar for the Week Ahead:
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    What to Watch in the Week Ahead:
    (N/A.)
     
    #1 bigbear0083, May 13, 2024
    Last edited: May 20, 2024 at 11:07 AM
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  2. bigbear0083

    bigbear0083 Administrator
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    Dismal Data Sparks Dollar Dump - Everything Else Rips On Record Week
    FRIDAY, MAY 17, 2024 - 04:00 PM

    US Macro Surprise data declined for the sixth straight week... to its weakest since January 2023...

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    Source: Bloomberg

    But that 'bad news' prompted a run to record highs for risky stocks...

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    Source: Bloomberg

    As the market seems to be completely discounting the collapse in soft survey data...

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    Source: Bloomberg

    The bad news prompted rate-cut expectations to rise on the week (more for 2025 than 2024). Three full cuts priced in for 2025 and two cuts priced in for 2024...

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    Source: Bloomberg

    All of which sent stocks higher on the week led by Nasdaq. Friday saw the majors mixed to flat after a tumultuous week..

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    In the last few seconds, the algos took The Dow back above 40,000 for its first close above that historic level...

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    Industrials were the only sector to end the week red while Tech and Financials outperformed...

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    Source: Bloomberg

    The short squeeze at the start of the week faded fast as the week progressed...

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    Source: Bloomberg

    VIX was clubbed like a baby seal back to an 11 handle on the week - decoupling from stocks today...

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    Source: Bloomberg

    Treasury yields ended the week lower, despite the last two days seeing rates rise. The short-end modestly underperformed...

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    Source: Bloomberg

    The dollar tumbled this week, erasing the gains since April's CPI print surge...

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    Source: Bloomberg

    A big week for bitcoin with the largest cryptocurrency back above $67,000 to its highest in six weeks...

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    Source: Bloomberg

    Bitcoin ETFs saw a solid week of inflows (for a change)...

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    Source: Bloomberg

    Oil prices bounced on the week with WTI back above $80 to two week highs...

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    Source: Bloomberg

    Gold surged to a new record closing high this week, its first close above $2400...

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    Source: Bloomberg

    ... but most notably, silver dramatically outperformed gold (topping $30) - its best relative weekly performance since August 2020...

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    Source: Bloomberg

    While The Dow topped 40,000 for the first time, it remains a laggard compared to gold for the last few years...

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    Source: Bloomberg

    Finally, how much longer can the market (and The Fed) ignore the surge in inflation surprise data and just watch the de-growth with blinkers on...

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    Source: Bloomberg

    ...hoping that the 'bad news' is all that matters to lift rate-cut hopes.
     
    #2 bigbear0083, May 13, 2024
    Last edited: May 17, 2024 at 4:30 PM
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  3. bigbear0083

    bigbear0083 Administrator
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    Historic Moves in the Utilities Sector
    Fri, May 17, 2024

    OK, we get it; you've heard enough about the Utilities sector for now, but check out these charts, they're nuts. Starting with the 'boring-est' of them, the SPDR Sector ETF for the Utilities sector (XLU) has not only gone practically straight up but check out all the green bars (days where the closing price was higher than the opening price) in the shaded area. Until the last week, it was a green and clean line higher. At one point last week, the sector closed higher than it opened on 16 out of its prior 17 trading days.

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    The chart below puts the run of higher closes into perspective. On a rolling 15-trading day period (three weeks), the reading of 14 reached on 5/9 was a level matched during only one other period in the last 24 years - January 2020.

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    While the S&P 500 Utilities sector has performed exceptionally well lately, not all Utilities are created equal. The chart below compares the performance of the S&P 500 Utilities sector to the Dow Jones Utilities Index over the last year. From last May through mid-February, the two indices performed hand in hand, but their paths have steadily diverged since February. As the two have continued to generally move in the same direction, the performance gap may not seem large, but it has actually been historic.

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    Over the last 50 trading days, the S&P 500 Utilities sector has outperformed the Dow Jones Utilities sector by over three percentage points, and at one point during the divergence cited above, it reached 4.7 percentage points. Levels like that haven't been seen in over two decades (December 2002). For years, utility stocks have been thought of as somewhat interchangeable with each other as their heavy regulation made it hard to differentiate one from the other. The rise of artificial intelligence (AI) and the ever-increasing demand from data centers have reshaped the Utilities sector. This, coupled with a growing number of less-regulated players, has created a more dynamic – but also less standardized – environment. As a result, the inclusion or exclusion of certain companies in different indexes can lead to significant performance disparities, as we've seen in this case.

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    This Is Why We’re (Still) Not Worried About an Inflation Resurgence
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    There’s no question that the inflation data in the first quarter was uncomfortably hot. But as we highlighted over the past several months, there were good reasons not to panic about another sustained upswing in inflation. I wrote about this when the January, February, and March consumer price index (CPI) reports were released. It was reassuring to see that Federal Reserve (Fed) officials took a similar view. As Fed Chair Powell noted after their May meeting, they didn’t think the hot inflation data in Q1 negated the progress made in the second half of 2023. All it did was make them realize that it would take longer to gain confidence that inflation was headed to their target of 2%.

    The April CPI report confirmed that there was no need to panic after the hot inflation data in Q1. Headline inflation rose 0.3% in April, below expectations. On a year-over-year basis, CPI eased to 3.4%. That’s still elevated but as you can see below, shelter inflation is the main cause of that (the dark green bars in the chart). If you exclude shelter, headline CPI is up 2.2% since last April.

    [​IMG]

    The heat in the prior inflation reports was mostly due to post-pandemic catch-up effects, rather than renewed demand or supply-side side pressures.

    Shelter is a classic case in point. As we’ve written and talked about on Facts vs Feelings, the podcast Ryan Detrick and I host, official shelter inflation runs with significant lags to what we see in actual rental markets. Shelter inflation matters a lot for CPI, as it makes up 35% of the basket. Rents of primary residence account for 8% of that, while “owners’ equivalent rent” (OER) accounts for 27%. OER is the “implied rent” homeowners pay, and it’s based on market rents as opposed to home prices.

    However, there’s good news with respect to shelter. Rents of primary residences rose at an annualized pace of 4.3% in April. That’s the slowest pace since August 2021 and not far above the 2018-2019 average of 3.6%. OER remains elevated but it’s easing (albeit slowly). It rose at an annualized pace of 5.2% in April, below the Q1 average of 5.9% but well above the 2018-2019 average of 3.2%. You can see why OER is keeping CPI elevated.

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    Another example of post-pandemic catch-up effects is auto insurance. Core CPI inflation, which excludes food and energy, was up 3.6% year over year in April. Of that, auto insurance accounted for 0.73%-points. What’s amazing is this: auto insurance makes up just over 3% of the core inflation basket of goods but accounted for about 20% of the year-over-year increase. That’s because vehicle prices and repair costs surged after the pandemic and insurance premiums rose as a result. Official data is just about catching up to that, even as actual real-time vehicle prices are now easing.

    Combine the contribution from auto insurance (0.73%-points) to that from rents and OER (2.37%-points), and the three categories account for about 85% of the year-over-year increase in core inflation. Of course, that’s all backward looking because none of this is really capturing what’s happening in real time, and what’s likely to happen going forward.

    The good news is that several forward-looking indicators of underlying inflation don’t give us any cause for concern.
    • Wage growth for workers is running at the pre-pandemic pace of around 3%, which means there’s no underlying demand-side pressure on inflation.
    • Broad commodity prices are not surging like they did in 2022 (in fact, oil prices have fallen close to 10% since early April), which means a commodity-driven supply shock is not on the cards for now.
    • Market-implied expectations for future inflation are consistent with the Fed’s 2% target, and well off their 2022 peak.
    • Consumer expectations for inflation are not far above what we saw before the pandemic, and this should ease further as gas prices pull back (which has happened recently).
    • Business expectations for inflation in the year ahead are running at 2.3%, which is also close to pre-pandemic levels.
    An Inflation Bellwether Is Cause for Optimism
    As I’ve written previously, one category I like to keep a close eye on is inflation at full-service seated restaurants (the official category is “full service meals and snacks”). It’s technically not in the core CPI basket, but interestingly, it’s historically tracked core inflation fairly closely. I find it useful because full-services restaurant meals combine several demand- and supply-side elements that drive inflation, including:
    • Commodity prices – food, but also energy (since food has to be transported across the country)
    • Wages – for restaurant workers
    • Rents – for restaurant premises
    Inflation for restaurant meals has eased significantly over the past year and half. It peaked at 9% year over year in August 2022, but is now running at 3.4%. That’s similar to the pace we saw in 2019. The message is that underlying inflationary pressures are quite benign. If you look at the chart below, you can see that it’s quite unusual for inflation of full services meals (blue line) to run below core CPI inflation (green line), as is the case now. But that’s only because shelter inflation is elevated, going back to what I discussed earlier.

    [​IMG]

    Still On Track for Interest Rate Cuts in 2024
    As Fed Chair Powell recently reiterated, recent inflation data has yet to give them confidence that inflation is headed back to their 2% target, which means they’re unlikely to cut rates at their June, or even July, meeting. The April inflation data was a step in the right direction, and the forward-looking data suggests we should continue to see disinflation ahead. That means we may still be on track for at least a couple of 0.25%-points of interest rate cuts in 2024.

    Markets clearly read optimism in the April CPI data – the one-year Treasury yield, which is a close proxy for policy rates over the following year, fell from 5.16% to 5.09% over the day, and the S&P 500 rose more than 1% to a new record high. We could see more of this if the inflation picture evolves as we expect it will over the next several months, keeping the bull market alive and well (as Ryan Detrick, Carson’s Chief Market Strategist recently wrote).

    No New Orders and No Spending in the Empire State
    Wed, May 15, 2024

    Among this morning's data releases was another weak NY Fed manufacturing report. The Empire State Manufacturing Survey's headline reading came in at -15.6. That compares to -14.3 for April and expectations of an improvement to -10. That miss relative to forecasts means the indicator has been weaker than expected three months in a row. The last streak of weaker-than-expected readings that lasted as long was in the first quarter of 2022.

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    The negative reading in the headline index indicates a contraction in the Northeast's manufacturing economy that came with weak breadth among the report's categories. Only three categories for current conditions are currently expanding: Prices Paid and Received and Inventories. Most other categories are in the bottom quintile of historical readings.

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    One of the weakest areas of the report has been New Orders. The January report saw this category fall to one of the weakest readings on record. While things have improved since then with little change in May, the current reading remains in the sixth percentile of all months. Perhaps more impressive is that this was the eighth month in a row with a contractionary reading in this index. As shown in the second chart below, that is one month away from tying the record of nine months in a row set in 2008/2009 and again in 2015/2016.

    [​IMG]

    In addition to the ugly new orders picture, one area that is just as bad is spending plans. Overall, expectations indices are a bit more of a mixed bag, but the indices for number of employees, capital expenditures, and tech spending are historically low with readings ranging in the 3rd to 12th percentiles. Averaging across these three indices shows that the region's manufacturers have some of the most pessimistic spending plans for labor or capital in the survey's history. The reading edged up only slightly in May and sits roughly 0.1 point above the post-pandemic low set one year ago. On the whole, that reading is in the bottom 6% of readings.

    [​IMG]

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    The Bears Are Back, Why That’s a Good Thing
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    “Even a broken clock is right twice a day.”

    Some well-known bears are back in the news, with their usual dour predictions, from a recession coming soon to an outright 65% market crash. You can read more about their calls here, but we’ve been hearing these same things for years now and been pushing back the whole time. To be honest, I’m glad to see these permabears still pumping out the same old story, as I’d be much more worried if they looked at the data and come to a bullish conclusion.

    We can talk all we want about the path of the economy, inflation, the election, geopolitics, or what the Fed should or shouldn’t do, but what matters at the end of the day is what markets do. Here are a few things I’ve noticed recently that continue to suggest this bull market is alive and well and a summer rally is still likely. For more on this, be sure to read Six Reasons This Bull Market is Alive and Well.

    Breadth Is Strong
    If more and more stocks are making 52-week highs, that’s a good thing. It suggests the foundation of the bullish move is healthy and likely sustainable. Below we show that is happening across the board.

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    One of my favorite technical indicators is advance/decline (A/D) lines. These are simply a daily look at how many stocks go up versus down each day on various exchanges. When A/D lines are breaking out to new highs, it could be a clue that overall price is about to follow. The same could be said for new lows in A/D lines, which means there’s weakness under the surface.

    Last week saw new highs in these A/D lines: S&P 500, NYSE, and Midcaps. Small caps are close to a new 52-week high. To keep it very simple, this isn’t something you see in a bear market and it means this early spring rally likely has legs.

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    Lastly on breadth, there was a buying thrust on the NYSE that tends to be very rare, but quite bullish. For three days in a row more than 74% of the stocks on the NYSE were higher on the day. It is normal to see this for a day or two, but three days is very unusual and it suggests heavy buying pressure taking place. We found this happened only eight other times since 2000. A year later the S&P 500 was higher every time and up close to 23% on average.

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    Stocks Don’t Peak in March
    The last time the S&P 500 hit a new high was March 28, which lead to the 5.5% mild correction into mid-April. We were on record the whole time that it likely wouldn’t turn into a 10% correction (or worse) and with the big rally the past three weeks, that is looking accurate. I looked at the past 38 corrections and bear markets since World War II and I found that only once did one start in March. That of course was March 2000 when the tech bubble burst. But the bottom line is it’s quite rare to see stocks peak in March and this time doesn’t appear to be any different.

    [​IMG]

    Better Inflation Data Coming
    We’ve talked a lot about why the recent blip in inflation to start this year was probably nothing more than some pain after the large improvement in the past year and seasonal quirks (like higher auto insurance and higher financial services fees), and that we expect to see things like shelter drastically improve over the coming months. Here’s another interesting development that shows used car prices have outright tanked, even though the government’s data doesn’t show this yet.

    Prices in the Manheim Used Car Index are down 14% year over year and lower six of the past seven months. Compare this with the government’s data showing used cars down about 1% the past year.

    [​IMG]

    We’re actually pleased some of the bears are coming out of hibernation, or may have never left, as we think it actually is a positive for stocks. But we still always ask whether the arguments they are making are persuasive. At this point, we believe the preponderance of the evidence still says no. No doubt they’ll be right eventually, but many of these bears have been wrong through so many years of stock gains that the eventual bear victory dance will likely ring hollow. After all, even a broken clock is right twice a day.

    Small Businesses Sit Out Growth
    Tue, May 14, 2024

    Earlier in the day on 5/14, the NFIB published the results of its latest survey of Small Business Optimism. While economists expected a modest decline, the index rebounded from 88.5 in March to 89.7 in April. As shown below, albeit higher month over month, current levels of small business optimism remain historically depressed, even lower than at the height of COVID.

    [​IMG]

    While the optimism index sits in the bottom decile of historical readings, the 1.2 point month-over-month jump ranks in the top quartile of monthly moves, and it was on account of a wide number of categories. In fact, the only categories not rising were expectations for the economy to improve, expected credit conditions, and expansion outlook. As we discussed in today's Morning Lineup, the six different labor market series in aggregate rebounded following a large drop in March.

    [​IMG]

    As previously mentioned, one of the few areas to decline month-over-month was expectations for the economy to improve. The drop was small at just 1 point, and as shown below, the reading is still progressing in the right direction over the past two years. However, the progress has been painfully slow as the reading remains below anything observed before the past few years. In addition to the weak economic outlook, only 4% of businesses consider now a good time to expand. That was unchanged versus March, and current levels are consistent with the past two recessions and lower than the two before that!

    [​IMG]

    The NFIB provides greater detail into why small businesses are reporting optimism or lack thereof. As shown below, economic conditions are overwhelmingly blamed for the negative expansion outlook. Headed into the final six months before the election, another 11% point the finger at the political climate. Next up, with each at 7% of total responses, are interest rates and the cost of expansion.

    [​IMG]

    Below we plot those reasons for negative expansion outlooks over the past decade. Although it remains the biggest problem, the percentage of respondents reporting a poor economy as a reason for not growing their businesses has come down significantly over the past couple of years. Similarly, interest rates are not as big of an issue as it was only a few months ago. However, as another negative on the inflation front, cost of expansion is back to swinging higher. At 7% in April, the reading matches previous highs of the past decade.

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    Weak May Monthly OpEx Week - DJIA Down 12 of Last 15
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    Since 1990 May’s monthly OpEx week has a slight bearish bias with DJIA and S&P 500 down 18 and up 16. More recently, DJIA has suffered declines in 12 of the last 15, monthly expiration weeks. S&P 500 has one additional weekly gain since 2009, down 11 of the last 15. NASDAQ has declined in 9 of the last 15.

    Shorts Surge
    Mon, May 13, 2024

    Thanks to a single tweet marking the return of the poster child of 2021's meme stock mania, shares of GameStop (GME) are back in the news thanks to a soaring share price. As shown below, the stock that was at the center of the 2021 short squeeze is once again flying with gains of well over 70% in today's session.

    [​IMG]

    As always, one day does not make a trend. Although the massive rally in GME today is impressive, overall, highly shorted stocks have not done much since their heyday from a few years back. Below we show an index comprised of the 100 most highly shorted Russell 3,000 members, rebalanced monthly over the past five years. As shown, while there have been a couple of higher lows in the past six months, the index has been rangebound at best over the past two years. Perhaps more importantly, current levels are still well below those from 2021.

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    Moving back to the present, today's outperformance of the most highly shorted names is remarkable. Below we break down the Russell 1,000 into deciles based on their levels of short interest. Decile 1 represents the 100 stocks with the least short interest while decile 10 is made up of the stocks with the most heavily shorted names.

    As shown, whereas the average Russell 1,000 stock is up 31 bps today, the average gain of the 100 most shorted members is 3.5%. Of course, that includes GameStop (GME), but even when that one name is removed the average gain is still an impressive 2.75%. Moving down the line, performance gets much less impressive. As shown, stocks in deciles 1 through 6 are all averaging declines today while deciles 7, 8, and 9 are averaging modest gains. The surge in GME, though, has caused traders to pile into other heavily shorted names in hopes of additional squeezes.

    [​IMG]

    Late last week, the latest short-interest data was published with readings through the end of April. Below we show the Russell 1,000 members with the highest levels of short interest per that data. Medical Properties (MPW), Petco (WOOF), and Kohl's (KSS) top the list as each one has more than a third of its float sold short. Each of those are rallying hard today, but only MPW is up on the year. Moving further down the list, there are multiple clean energy-related names—Lucid (LCID), ChargePoint (CHPT), Plug Power (PLUG), and Sunrun (RUN)—falling in the top ten most heavily shorted names. Right behind those names is, of course, GameStop (GME). Worth noting is that after today' gain, GME joins MPW and only a handful of others on this list that have year-to-date gains.

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    #3 bigbear0083, May 13, 2024
    Last edited: May 17, 2024 at 3:38 PM
  4. bigbear0083

    bigbear0083 Administrator
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    Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2024-
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    S&P sectors for the past week-
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    #4 bigbear0083, May 13, 2024
    Last edited: May 17, 2024 at 4:34 PM
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  5. bigbear0083

    bigbear0083 Administrator
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    Here are the current major indices pullback/correction levels from 52WK highs as of week ending 5.17.24-
    [​IMG]

    Here is also the pullback/correction levels from current prices
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    Here are the current major indices rally levels from 52WK lows as of week ending 5.17.24-
    [​IMG]
     
    #5 bigbear0083, May 13, 2024
    Last edited: May 17, 2024 at 4:35 PM
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  6. bigbear0083

    bigbear0083 Administrator
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    [​IMG]

    Here are the upcoming IPO's for this week-

    [​IMG]
     
    #6 bigbear0083, May 13, 2024
    Last edited: May 20, 2024 at 11:09 AM
  7. bigbear0083

    bigbear0083 Administrator
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    Stock Market Analysis Video for May 17th, 2024
    Video from AlphaTrends Brian Shannon


    ShadowTrader Video Weekly 5/19/24
    Video from ShadowTrader Peter Reznicek
     
    #7 bigbear0083, May 13, 2024
    Last edited: May 20, 2024 at 11:08 AM
  8. bigbear0083

    bigbear0083 Administrator
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    StonkForumers! Come join us on our stock market competitions for this upcoming trading week ahead!-

    ========================================================================================================

    StonkForums Weekly Stock Picking Contest & SPX Sentiment Poll (5/20-5/24) <-- click there to cast your weekly market direction vote and stock picks for this coming week ahead!

    Daily SPX Sentiment Poll for Monday (5/20) <-- click there to cast your daily market direction vote for this coming Monday ahead!

    ========================================================================================================

    It would be pretty sweet to see some of you join us and participate on these!

    I hope you all have a fantastic weekend ahead! :cool:
     
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  9. bigbear0083

    bigbear0083 Administrator
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    [​IMG]

    Here are the most anticipated Earnings Releases for this upcoming trading week ahead.

    ***Check mark next to the stock symbols denotes confirmed earnings release date & time***


    Monday 5.20.24 Before Market Open:

    [​IMG]

    Monday 5.20.24 After Market Close:

    (T.B.A.)

    Tuesday 5.21.24 Before Market Open:

    (T.B.A.)

    Tuesday 5.21.24 After Market Close:

    (T.B.A.)

    Wednesday 5.22.24 Before Market Open:

    (T.B.A.)

    Wednesday 5.22.24 After Market Close:

    (T.B.A.)

    Thursday 5.23.24 Before Market Open:

    (T.B.A.)

    Thursday 5.23.24 After Market Close:

    (T.B.A.)

    Friday 5.24.24 Before Market Open:

    (T.B.A.)

    Friday 5.24.24 After Market Close:

    (NONE.)
     
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  10. bigbear0083

    bigbear0083 Administrator
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    And finally here is the most anticipated earnings calendar for this upcoming trading week ahead-
    ($NVDA $PANW $SNOW $ELF $TGT $LI $ZIM $ZM $TCOM $WIX $TJX $M $LOW $VFC $SNPS $DECK $BAH $INTU $ROST $TOL $AZO $JHX $MOD $RL $SBLK $ADI $BJ $VSAT $TD $NDSN $MAXN $GLBE $DAVA $PSNY $URBN $MDT $WDAY $KEYS $EXP $NTES $LPG $RAMP $SQM $PHGE $ALVO $DY $TITN $XPEV $BEEM $GOGL)
    [​IMG]

    If you guys want to view the full earnings post please see this thread here-
     
    #10 bigbear0083, May 13, 2024
    Last edited: May 18, 2024 at 10:03 AM
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  11. OldFart

    OldFart Well-Known Member

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    Econ calendar

    upload_2024-5-20_5-19-27.png
     
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  12. StonkForums Bot

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    Top of the morning StonkForumers! :coffee: Happy Monday to all of you and welcome to the new trading week and a frrrrrrrrrrrresh start. Here is a quick check on those futures as we are over an hour into the US cash market open.

    GLTA on this Monday, May the 20th, 2024! :cool3:

    [​IMG]
    [​IMG]
     
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    Morning Lineup - 5/20/24 - Quiet Start
    Mon, May 20, 2024

    There's no economic news on the calendar this morning and earnings season is mostly (but not completely) behind us, which means there's little news to kick off the week. Things will pick up in the days ahead as we have a ton of Fed speakers on the calendar, but that won't start until tomorrow. For now, the path of least resistance appears higher, and futures are modestly positive as we approach the opening bell for the week.

    Despite initial gains above $80 per barrel in overnight trading following news of Iranian President Raisi's death in a weekend helicopter crash, WTI crude oil prices have fallen back below that level as we approach the opening bell. The drop comes after WTI also briefly surpassed its 200-day moving average, but then fell back down. The inability to hold these higher levels now calls into question whether WTI can hold above its uptrend from the 2023 lows.

    [​IMG]

    Although the crude oil chart appears concerning, energy stocks look more attractive from a technical perspective. The Energy Select Sector SPDR (XLE) has indeed pulled back, but on Friday it found support at its 50-day moving average (DMA) and even broke the downtrend that has been in place since April 12th. Despite this month-long pullback, XLE remains the second-best performing sector ETF year-to-date, trailing only the 15.2% gain in Utilities (XLU).

    [​IMG]
     
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  14. StonkForums Bot

    StonkForums Bot Administrator
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    Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Monday, May 20th, 2024.
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    #14 StonkForums Bot, May 20, 2024 at 10:36 AM
    Last edited by a moderator: May 20, 2024 at 4:02 PM
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  15. stock1234

    stock1234 Well-Known Member

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    All eyes on the NVDA earnings this Wednesday, pretty sure they will beat and raise but expectations are sky high :D
     
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  16. StonkForums Bot

    StonkForums Bot Administrator
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    Top of the morning StonkForumers! :coffee: Happy Tuesday 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 over an hour into the US cash market open.

    GLTA on this Tuesday, May the 21st, 2024! :cool3:

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  17. StonkForums Bot

    StonkForums Bot Administrator
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    Morning Lineup - 5/21/24 - Crypto Flying
    Tue, May 21, 2024

    It’s another quiet morning in terms of economic data this morning with no scheduled reports on the calendar, but a few earnings reports are driving the direction of futures, including reports from Lowe’s (LOW), Macy’s (M), and Palo Alto Networks (PANW). Overnight and this morning, the general tone of equities in Asia and Europe has been to the downside, and oil and gold are trading lower as well. The only real asset class that is moving notably higher is crypto where Bitcoin and Ethereum are both sharply higher. Equity futures are essentially flat, although slightly higher.

    While there are no economic reports on the calendar, there’s a ton of Fed speak to contend with this morning, so keep on your toes in terms of any potential tape bombs throughout the morning.

    The S&P 500 closed just two cents shy of its closing 52-week high from last week yesterday, but Communications Services and Technology managed to close at their respective highs. As shown in the chart below, the only other sectors that have traded at 52-week highs in the last week were Financials, Consumer Staples, and Utilities. Meanwhile, more than half of the S&P 500’s sectors haven’t traded at a 52-week high in at least a month, and for two sectors – Consumer Discretionary and Real Estate – their respective closing 52-week highs were more than two months ago.

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    Most sectors may have gone more than a month without a 52-week high, but that doesn’t mean they aren’t knocking on the door. As shown below, Real Estate is the only sector that’s more than 5% from a 52-week high, and only two other sectors (Energy and Consumer Discretionary) are more than 1.5% from a 52-week high. In other words, it won’t take much to put most sectors over the hump.

    [​IMG]

    Below we show the charts for the six sector ETFs whose 52-week highs were at least a month ago. Here again, these charts illustrate just how close most sectors are to 52-week highs with the only exceptions being Energy (XLE), Real Estate (XLRE), and Consumer Discretionary (XLY).

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  18. StonkForums Bot

    StonkForums Bot Administrator
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    Here is a final look at today's market and futures maps, as well as how each sector performed individually at the close on Tuesday, May 21st, 2024.
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    #18 StonkForums Bot, May 21, 2024 at 10:56 AM
    Last edited by a moderator: May 21, 2024 at 4:01 PM
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  19. stock1234

    stock1234 Well-Known Member

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    Commodities on fire, copper at ATH :eek:
     
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  20. StonkForums Bot

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    Top of the morning StonkForumers! :coffee: 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 over an hour into the US cash market open.

    GLTA on this Wednesday, May the 22nd, 2024! :cool3:

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