Gene Peroni's Daily Podcast

Earlier this year, I mentioned that this bull could become a G.O.A.T. and I think that we’re on that path for this bull market run to be one of the best in modern history — maybe even the best ever. 

Stock futures rallying this morning presumably in part because former President Trump survived the assassination attempt this weekend. 

Yesterday’s market action showcased one of its most important attributes, and that is it’s broad and diverse sector participation. 

The stock market heading into the second quarter earnings reporting season structurally sound from a technical perspective.

Rotational consolidations appear to be intensifying among a number of different sectors and themes, and I think that the major market indices could become lodged in a limited trading range over the near term. 

It is out with the old and in with the new as today marks the beginning of the 3rd quarter of 2024. And the old wasn’t so bad…the 1st half of 2024 delivered quite nicely… 

I think the quarter was quite revealing in certain ways: certainly the big highlight of the quarter was technology, and more specifically the Artificial Intelligence sub-category. 

Yesterday was a flip flop in performance from the prior day’s action; yesterday the Nasdaq rallied by 200+ points, while the Dow fell nearly 300 points — somewhat of a mirror opposite from the prior session. 

Biotechnology was a glistening theme in yesterday’s session. An FDA approval on a drug and positive test results for another drug spurred big gains in 2 of the biotech stocks, which put the focus on healthcare generally, once again. 

Some market observers are calling for a significant correction over the short run; I can see where they’re making that case from a technical perspective. 

Aggressive growth categories in the lead... 

It’s easy enough to make the argument that the stock market might be overdue for a pullback, but that might be the very reason why the market could continue to move higher… 

After months of tracking very closely with one another, the Nasdaq is pulling well ahead of the S&P 500 and the Russell 3000… 

Investors continue to accept more risk for more reward, and this is evident top down with the DJIA trailing considerably behind the Nasdaq and S&P 500… 

What do paper towel and dish detergent stocks have in common with Silicon Valley stocks? Both industries are sporting stocks that are moving toward, or into, 52-week high territory. 

Buying could be starting to move into the fever-pitch phase, especially for growth generally and technology specifically following yesterday’s Fed announcement… 

I’ve made the point that choosing the technically best-class stocks from a number of leadership categories, and emerging leadership categories, can yield better results than the major market indices themselves. 

The recent record-high feats in the S&P 500 and Nasdaq have not promoted indiscriminate or speculative buying to any significant degree; if anything… 

With their recent breakouts into record territory, the S&P 500 and Nasdaq have completed their cup-and handle formations. This is significant because these formations, historically, indicate durability, elasticity and sustainability of a trend. 

Gene Peroni’s Daily Podcast: Yesterday’s breakaways in the S&P 500 and Nasdaq completed cup-and-handle formations for those two indices. 

The Dow did not check all the technical boxes in last Friday's surge.

This May has been a "Sell in May and go away" scenario for stocks....It's been a very strong month for the market.

The Dow has now fallen 2.5% from it's recent all time high.  The bulk of that decline occurred yesterday.

First quarter earnings results from an AI chip giant is sending the stock higher pre-opening.

I recently mentioned how the precious metal mining stocks are showing improving relative strength with several breaking out into new, high territory. There is another natural resource category that is also showing…