Gene Peroni's Daily Podcast

I’ve commented on this many times since the October bottom last year: The stock market’s advance has been driven not by a handful of stocks, but by a number of broad and diverse sectors and themes. That was illustrated last Friday when… 

The major market indices punching through their respective resistance channels in grand style yesterday. I say, “in grand style” because… 

Hopes may be dimming on Wall Street that the Fed will be lowering rates anytime soon, but on the other hand, the stock market often thrives on pricing power. 

So far this month, the DJIA is the #1 performer among the major market indices, even edging out the Nasdaq, which has been the #2 performer in May. 

Even with all the rotation we’ve seen in the market the last several weeks, the major market indices are tracking very closely with one another in terms of their year-to-date performance… 

As we move through the month of May, the question becomes, “Will this be a year of ‘Sell in May and go away’?” 

The 1st quarter earnings reporting season has arguably been a factor with respect to the market’s durability and elasticity in recent weeks. 

From the start of this year through mid-April, bearish sentiment has been tracking in the low to mid 20 percentile… 

For a number of months now, the AI theme has caught the attention and imagination of investors, and there certainly has been a lot of “hoopla” around this category. 

Yesterday’s decline was blamed on investors’ anxieties about today’s Fed decision regarding interest rates. It’s a bit of a head scratcher because the Fed did telegraph the greater likelihood they may not move to lower rates right now… 

The recent sharp and sudden downturn in AI stocks and technology generally, I think really illustrates, and underscores, the underlying technical strengths of this market… 

The beauty of the stock market runs more than just skin deep. Last week the S&P 500 posted its best weekly performance since last November. 

This has been another week of expansive intraday trading swings for the stock market, but we have seen a more resilient tone. I think that resilient tone is significant… 

Yesterday’s market had a different feel to it, a better feel. There seemed to be a renewal of some degree of resiliency, and we saw that early on in the session. 

Last Friday’s session presented a glass half full scenario, at least from my perspective. I say that because the overall market held up relatively well given the big selling pressure in AI stocks and technology generally. 

It has been a challenging week for stocks. On the surface perhaps, we could attribute this to a consolidation, probably somewhat overdue… 

The stock market continues to hold on to intraday rallies and this underscores the ongoing uncertainties that investors face on a number of fronts, the latest of which… 

With the major market indices trading below their respective short-term moving average trend lines, the onus remains on the bulls, short term. 

Yesterday’s market action represented the 3rd key intraday reversal for stocks in as many weeks. This underscores faltering upward momentum… 

This morning the stock market is absorbing the news of Iran’s missile and drone attacks on Israel over the weekend. 

Yesterday rallies in the S&P 500 and the Nasdaq were impressive but from a technical perspective  they were not game changers. At least not yet....

The CBOE Volatility Index above the 16 level this morning and within just a few basis points of its recent intra-day highs. So, it is breaching that near-term pattern of intra-day peaks… 

With the AI theme under pressure, but the general market is holding up remarkably well, but not a great surprise given the fact this has been a broad-based recovery from the lows struck last October. 

Put aside the Fed, the upcoming 1st quarter earnings reporting season, and geopolitical factors…today we have a total solar eclipse on our hands and it will be interesting to see how the stock market reacts…. 

Another high-volume reversal for the major market indices, the second to occur in a little more than a week. This is certainly a concerning signal that…