Shownotes Transcript
“Always two there are, no more no less. A master and an apprentice.” - Master Yoda
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Show Notes
I start with Yoda’s quote because there are two big forces fighting each other the past few sessions.
Higher Yields and 7.5% 30 year mortgages
Risk assets in stocks and the fact fewer and fewer names are holding up the world $NVDA and $TSLA for example
Breadth
75 New highs
329 New Lows
36% Adv / 58% Dec
% under 50 day ma
Up big pre-market
ES almost got back to test 4444 level overnight Monday into Tuesday
But the ES and Nasdaq sold off at opening bell
Why do I keep hammering that you should watch breadth? Breadth was weak all morning. And 11:35am indices gave up after sideways action
2pm update
3pm rally attempt. Breath volume seemed weak vs Mondays close. I suspected a selloff.
3:30pm
Rally attempt was a dud
Strong
It was a deceptive sell off day when you compare magnificent 7, vs indices complexion vs breadth.
Weak
See above. bull should be weary of worsening breadth. 70% of shares are under the 50 day ma. (nyse / amex / nasdaq)
What to watch
NVDA reports after close Wed
Fed speakers Thu morning
Jerome Powell Fri 10:05am
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