Gene Peroni's Daily Podcast

There are times when human emotion might refute the consistent — if not persistent — trends in the market. That is when the market’s behavior doesn’t line up with conventional wisdom, etc. 

Health care was a highlight in yesterday’s session as we continue to see rotation back into some of the more traditional market categories. 

The old and enduring Wall Street quip, “The trend is your friend” is particularly applicable in this market environment. With the major stock indices fenced in a limited range, I think… 

I think that the most likely scenario for the stock market over the short run is a trading-range pattern, and one that sees… 

In yesterday’s session we did see some indications that the indices were stabilizing, and this amid the release of the Fed Minutes. 

Yesterday’s rate-driven decline in the stock market delivered the major indices to within the upper margins of support. That does leave open the possibility of further decline… 

It would seem the stock market is running out of steam, but it’s more likely a consolidation — rather than an evaporation — of the year-to-date gains. I say that because… 

Gene Peroni’s Daily Podcast: There was some fear and loathing in anticipation of January’s CPI data, released yesterday. It did come in a little higher but the market’s reaction was relatively subdued. *Due to travel, the next update will be on Tuesday, 2/21.  

Happy Valentine’s Day! If there is high anxiety about the CPI report for January, it has not been reflected in the stock market. 

As the Nasdaq made its way toward my upwardly revised target of 12,500 earlier this month, I had advised that I believed that the easy gains were probably realized at that point for the Nasdaq and technology. 

Fed Chairman Powell’s remarks yesterday that the disinflation process is beginning spurred a rally among the major market indices with the Nasdaq, once again, leading the way. 

There was some moderate rotation in yesterday’s session and as I’ve mentioned, this is something that I’m hoping to see more of as the market consolidates its year-to-date gains. 

The Nasdaq coming within 50 points of my most recently upwardly revised target for that index at the 12,250 level. It pulled back on Friday, but not a big surprise after… 

About a year ago at this time, the stock market was chasing support levels, especially the Nasdaq which seemed to be breaking through one support level after another. This year, is certainly a different picture… 

Yesterday’s action was the latest indication that last year’s double bottoms in September & October among the major market indices might have been quite substantive and predictive of what was to come. 

Stocks finished on a strong note with yesterday’s performance which wrapped up January. The old adage, “As goes January, so goes the year” once again favors the bullish camp. 

Technology has been on a tear since the start of the year, which is certainly a contrast to what we saw a year ago when 2022 began. 

It’s become a challenge, if not a competition, among economists to predict just when, if at all, a recession will surface. 

Resiliency is a developing story and an emerging characteristic for the stock market in the early weeks of 2023. 

A lukewarm outlook from a major software company could cool the big run up in technology that we’ve seen since the start of this year. This would probably be a welcome event for the market. 

The Nasdaq continues to shine. As of yesterday’s closing it is up 8.58% year to date, which is trouncing the S&P 500 and Dow. 

Larry Kudlow recently quipped that, “This might be the most anticipated recession since the 16th century.” And therein might be an important reason that the market is behaving so… 

The first 10 trading days of 2023 have provided underlying support for the bullish camp, but it has been a bumpy ride since… 

Technology appears to have hit a technical brick wall at least for the short term.