Gene Peroni's Daily Podcast

The feds policy of transparency is very important.  It removes uncertainties such as surprise announcements. 

Strong earning results for a number of the tech giants yesterday. 

Big earnings today after the close with Alphabet and Apple reporting. Dow at an all-time record high ahead of these earnings results. 

I would think that even the most casual market observer would be pretty impressed by last week’s market action. 

What a difference a week makes; this time last week we were looking at a declines in the market on Friday and bleeding into Monday. 

Back-to-back gains in the stock market have driven the Dow and other of the major indices to their respective proving grounds technically. 

Big blues earnings yesterday might have served as a catalyst for an earnings rebound. 

The CBOE Volatility Index up above by more than 30% in the course of yesterday’s session. Clearly a shakeup of complacency and fear coming back into the market. 

Some are calling for the market to retreat some 10-20%, but I feel we’re in order for a more garden-variety retreat of 3-5%. 

As 2nd quarter earnings begin to flow in the stock market’s trend seems to be really indecisive and listless, so not a lot of reaction to the earnings so far.

Certainly no research discipline is flawless, but I think when we’re seeing aggressive rotational behavior, I believe the technical analysis can cut through some of that volatility and trading swings. 

Yesterday’s market action might have been a disappointment to those who saw the pullback as the market getting “toppy.” 

2nd quarter earnings season kicking off this morning with several of the marquee companies reporting their earnings and they’re crushing expectations. 

2nd quarter earnings are due to start flowing in this week, and the question may be, “Are the major market indices overbought?” 

Stock features indicating a lower opening this morning.

The market is in another limbo period awaiting a quarterly earnings reporting period. Market is subject to heightened volatility amid investor perceptions about the economy. 

A ten percent correction has been elusive year to date or has it? 

The prevailing market condition allows for evaluation and confirmation  of the uptrend from both  bottom up and top down perspectives.  This is extraordinary since this has not been seen in decades. 

With the first half of 2021 completed, I think the full story really is presented top-down with very uniform performances. 

Solid and nicely balanced performance number for the major market indices. The big story might be that the Nasdaq has overtaken the DJIA year to date.

The big 3 momentum leaders in the market have staged a comeback and then some after a rough start to 2021. 

I continue to monitor the market from a bottom-up perspective with some emphasis on whether or not the recent action in the market is distributional, or reflecting underlying buying potential. 

Earlier this week I mentioned that there were some calls for a 10-20% decline in the market. In hearing these I always recheck my analysis, but I would argue we’re in an accumulate phase and there is still good underlying buying potential. 

Headline events over the last week and the market’s reaction to those events have, to some degree, reshaped my outlook for the remainder of this year; not in a greatly material way, but more subtle tones. 

Expanding on a comment I made yesterday: I had observed a growing call for a 10-20% pullback in the stock market by some analysts & economists. I don’t subscribe to that forecast and I doubt we’d have that kind of decline right now.