Gene Peroni's Daily Podcast

Whether you look at the market top down or bottom up, it is evident that the traditional cyclicals are continuing to gain ground here from a relative strength standpoint. 

Could get some follow through after yesterday’s latest record-high feat for the DJIA, up by more than 300 points despite selling pressure. 

If you’ve been on Wall Street for a number of years, you realize you just can’t fight the mood of the market. 

A few short years ago the very mention of agriculture would have drawn yawns as it was out of favor and wasn’t performing well, but has more recently is outperforming momentum categories. 

The first session of May presented a bit of a mixed picture, but one that might be indicative of what we might see through the month and the summer period. 

It has been my contention for years that this bull market cycle wouldn’t end with a whimper, but with a roar. The question is, “When will that roar take place?” 

Prior to the start of the 1st quarter earnings season, I had mentioned I was a bit uncertain about how the earnings seasons would go with respect to the way in which investors would receive the results. 

We’re seeing some net positive reactions to some of the marquee names in the market. 

The S&P 500 has moved ahead of the Dow in its year-to-date performance, but both up a little more than 11%. 

For some weeks now I’ve been talking about the old adage, “Sell in May and go away” that could play out here in the market, especially since I believe we’re overdue for a pullback. 

This is a big week for the marquee momentum stocks representing especially technology, but also consumer discretionary and healthcare. 

Yesterday’s abrupt intraday pullback was attributable to the Biden administration’s proposed big increase in the capital gains tax. 

The Dow, S&P 500 and the NASDAQ all posting uniform gains in yesterday’s session, which is in keeping with my forecast at the end of last year that we’d see a balanced gain in the major market indices. 

Some years ago a disappointing earnings result in a FAANG stock may have had a broad reaching impact; but not so in the current market condition despite Netflix’s disappointing results after the close yesterday. 

Decades ago there was a Wall Street adage, “As goes GM, so goes the market.” In today’s market it’s really hard to point at any one stock or theme that has that kind of impact on the overall market. 

Gene Peroni’s Daily Podcast: senior market indices, but I think it’s important to address the underlying market – the individual stocks & sectors. 

While awaiting the 1st quarter earnings season I wasn’t so sure just how investors would react given the gains we’d seen in the market.

The Dow breaking into uncharted territory once again, actually coming within less than 100 points of the next millennium level before a constructive pullback. 

It’s been my contention over the many years of this bull market cycle that a key technical pillar has been the broad and diverse sector participation. 

The Dow is leading other of the major indexes year to date but not by a big margin

First quarter earning season begins next week. We will start seeing a flow of earnings coming in and this could be very significant for the market. 

The CBOE Volatility Index are trading at another 52 week low.

I’m not sure just how much rests on the 1st quarter earnings season but I think that in some sectors or among some themes the results and the reactions could be telling about the short-term outlook for momentum stocks. 

As we begin the 2nd quarter, I think it might be appropriate to review some of the comments and forecasts I made at the end of last year with regard to how 2021 might shape up. 

It’s hard to believe that we’re beginning the 2nd quarter of 2021. An incredible journey for the market already this year.