Morning Note: Debt Deal Impact, Asset Class/Sector/Regional Results Update and Tech Bubble Breadth

From what I'm gathering initially, should the proposed debt ceiling deal pass, Mark Zandi seems to capture the perceived ramifications:

Quote of the Day: The Difference Between "Strong" and "Tight"

In this week's economic update we touch briefly on housing with data that somewhat conflicts with what I believe many buyers are experiencing as they bid on homes, and what some on Wall Street characterize as a "strong market."

And while different locations/regions can experience notably different residential real estate setups, we think in general a more apt characterization, for the moment, is a "tight market."  

I.e., given today's dynamics, there's presently a difference between "strong" and "tight."

Here's an appraiser telling of his experience:

Economic Update: "It's OK Until It Isn't" - And - Beyond the Deal Ceiling Deal (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Quote of the Day: "What's Odd Here"

Despite the poopooing of the importance of breadth I'm hearing from a number of market commentators, we keep harping on it herein because, as I illustrated in yesterday's video (posted this morning), it's historically relevant.

Market Snapshot: Nvidia, SP500, NDQ100 and Challenging a Bullish Narrative (video)

Once playing, click the icon in the lower right corner for full screen. Focus should occur after a few seconds; if not, click the wheel to the left of the YouTube icon to adjust: 

Attention Non-Client subscribers: Nothing in this video should be construed as investment advice. The examples expressed relate to portfolio management we perform on behalf of our clients, and, again, under no circumstances are they to be considered recommendations to the viewer.

Chart and Quote OF THE DAY!!: Just sayin...

While parallels can indeed be drawn comparing today's stock market setup to the late-innings tech bubble, and recognizing that, indeed, this time may be different, well, let's just say that we absolutely have to pay attention!

Here's Nvidia's current price to sales ratio... Note that even before today's spike it was trading at nearly 30 times sales:

Morning Note: Morning Breadth and Key Highlights

Before we take a look at some key highlights from our recent content herein, let's take a peek at overall breadth, as the stock market (the Nasdaq and the S&P cap-weighted indexes) rallies this morning.

The S&P 500 is up .60% as I type, while 60% of its members are actually declining as the session gets underway... As for the Nasdaq Comp, it's up a whopping 1.7%, while just over half of its constituents are in the red as well.... Essentially a reflection of last Thursday's second highlight below.

A few key highlights from our latest messaging: