Gene Peroni's Daily Podcast

Several years ago, just before the outbreak of Covid, I mentioned an ultimate target for the DJIA of 42,000. 

The DJIA now stands some 1600 points above its July peaks, the Nasdaq is now some 400 points above its July peaks, and the S&P 500 is well above its July highs. 

The DJIA, the lagging index year to date, now stands at an all-time record high; and that is no small feat. 

For those who rely on daily headline news for their investment decisions, this may seem like a confusing market environment. But since the October lows… 

The Nasdaq and S&P 500 join the Dow in overcoming their respective July peaks. 

There continues to be a lot of movement in this market. The rotation that continues at a very quick pace and if one were to try to connect the dots on a very near-term basis might lead to a number of dead ends. 

For those looking at the market day by day, or even hour by hour, this could be a frustrating period ahead; we’ve seen a taste of it in the last several sessions. 

As we move into the final weeks of trading for 2023, the Nasdaq continues to have a commanding lead over the other major indexes....

We could be seeing Investors turn their attention from stocks to stockings during the holiday season, thereby causing a low in the market. 

The major stock indexes are now within striking  distance of their respective July peaks.

With the proliferation of cup-and-handle formations across several sectors and themes, it’s difficult to make a bearish case for the stock market. 

From time to time, I have referred to the AAII Sentiment Survey reflecting on the bearish/bullish sentiment readings. Back on November 1, the bearish sentiment had risen to… 

Financials showing better relative strength behavior, their patterns have been improving pretty steadily here and while they’re not forefront leaders, they are participating more significantly in the market recovery. 

From time to time, I have mentioned the importance of small- and mid-cap stocks as cornerstones of a significant and sustainable market advance.

In a single session, the major stock indices approached, or even exceeded in the case of the Nasdaq, their near-term resistance levels. 

Yogi Berra said it: “It’s Déjà vu all over again.” That phrase so aptly applies as Fed Chairman Powell comes out with a statement that puts a scare into the stock market indicating that the Fed is still concerned about inflation. 

The CBOE Volatility Index could hold in the mid-teens here over the short run and even beyond. I think with the market becoming a bit quieter, that is a good thing. 

I recently made the case that with the major market indices violating their respective 200-day moving average levels, we could see a reversal — a technical “head fake.” 

Technology, energy & industrials are among the sectors that have been exhibiting the best relative strength, but I am keeping my eye on some of the laggards. 

Yesterday’s rally on Wall Street lifted most “boats” from aerospace to utilities and many sectors and themes in between. 

For weeks now there has been a faceoff between the quality of earnings and the uncertainties of the outlook for interest rates. Interest rate worries are outweighing… 

The major stock indexes may be at a "fork in the road" from a technical perspective.

As of yesterday’s closing, the S&P 500 joined the DJIA in breaching its widely watched moving average trend line support, and that’s an intermediate-term trend line, so that’s a significant breach.